Net Profit of Novatek Russia Exeeded Expectations

Net profit of the second in Russia's gas company Novatek, calculated by international standards, exceeded analysts' expectations. 

The company said on Friday that increased its net profit in 2009 by 13.7 percent - up to 26.04 billion rubles from 22.90 billion. 

Analysts expected that Novatek will receive 25.59 billion rubles of net profit in 2009, during this year the company could increase production by 11 percent, despite decrease in world demand for gas. 

Novatek revenues increased by 13.5 percent to 89.95 billion rubles in the expectations of 88.76 billion. 

Nat Lawyer

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