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Novatek's net profit rose fivefold in the first quarter of 2010 due to increased demand for gas, foreign exchange gain and sale of Terneftegaz.
The second-largest gas producer in Russia said on Friday that the company had received in the first quarter 11.2 billion rubles of profit against 2.1 billion a year earlier. Analysts expected the profit of Novatek to be only 9.6 billion.
Total revenues increased by 63,4 percent to 27,7 billion rubles, last year it was 17 billion. Experts predicted that this figure will be 28 billion rubles.
"Recovering of domestic demand, seasonal factors and rising prices have contributed to steady growth of financial indicators in the first quarter of 2010" - said Novatek with reference to its financial director Mark Dzhetveya.
Novatek's shares on MICEX fell by 0.89 percent , securities of the company on the London Stock Exchange have fallen in price to 2,03 percent.
Novatek's shares on MICEX fell by 0.89 percent , securities of the company on the London Stock Exchange have fallen in price to 2,03 percent.
Nat Lawyer
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