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Russia's Novatek Q2 profit rises to 7.2 bln rubles

Novatek, Russia's second-largest gas producer, reported a 1.6% rise in net profit in the second quarter of 2009, year-on-year, above analysts' expectations.

The company said in a statement its net profit rose to 7.16 billion rubles in the second quarter, compared with 7.05 billion rubles in the same period of last year. The average forecast of 10 analysts polled by Reuters was 7.02 billion rubles.

Novatek said total revenues rose to 23.15 billion rubles, an 8.4% increase over the second quarter of 2008. Analysts polled by Reuters expected the company to report revenues of 22.14 billion rubles.

Novatek also said its earnings before interest, taxation, depreciation and amortization (EBITDA) fell to 9.33 billion rubles from 10.32 billion rubles in April-June 2008, while analysts predicted a fall to 9.22 billion rubles. (Reuters)