Russia's Novatek Q1 net profit up 7 pct, beats fcast

MOSCOW Mon May 13, 2013 11:33am EDT

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MOSCOW May 13 (Reuters) - Russia's largest independent gas producer, Novatek said on Monday its first-quarter net profit rose 7 percent, year-on-year, beating market expectations.

The company made first-quarter net profit of 22.7 billion roubles ($722.53 million), above the average forecast of 21.7 billion roubles in a Reuters poll.

Revenues grew 49 percent to 80.6 billion roubles, the company said in a statement. Analysts had expected rising gas and condensate sales to drive revenues 45 percent higher to 79 billion roubles.

Novatek also said its earnings before interest, taxation, depreciation and amortisation (EBITDA) increased 36 percent to 32.9 billion roubles against the 31.6 billion rouble forecast.

($1 = 31.4175 Russian roubles) (Reporting by Denis Pinchuk; Writing by Maria Kiselyova; Editing by Thomas Grove)

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