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NOVATEK ANNOUNCES THIRD QUARTER AND NINE MONTHS 2004 RESULTS
Moscow, 10 March 2005. OAO «NOVATEK» (RTS: NVTK) one of the leading natural gas producers in Russia today announced record earnings in its third quarter and nine months 2004 consolidated interim condensed financial results prepared in accordance with International Financial Reporting Standards («IFRS») and reviewed by PricewaterhouseCoopers.
Net profit for the nine months ending 30 September 2004 totaled RR 4,062 million, or RR 1,808 per share (basic and diluted), compared to RR 1,802 million, or RR 1,131 per share for the same period in 2003. For the third quarter 2004, net profit increased 149% to RR 1,744 million or RR 776 per share (basic and diluted) from RR 699 million, or RR 439 per share. Net profits for both periods rose mainly to significant increases in natural gas and liquids production, together with continued favorable market conditions.
Total revenues and other income grew by 60% to RR 18,309 million for the
Revenues from natural gas, liquids and oil products sales increased by a substantial 82% to RR 15,222 million in the nine months ended 30 September 2004 as compared to RR 8,286 million in the nine months ended 30 September 2003. For the third quarter 2004, revenues from natural gas, liquids and oil products increased 39% to RR 4.875 million compared to the 3,517 million in the corresponding period in 2003.
The full set of interim consolidated condensed IFRS financial statements and notes thereto are available on the Investor Relations part of the
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PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation.