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UPDATE 1-Russia's Novatek more than doubles Q3 net profit
November 9, 2012 / 3:01 PM / in 5 years

UPDATE 1-Russia's Novatek more than doubles Q3 net profit

* Net profit of 20 bln rbls vs 18.7 bln forecast

* Revenues at 52.7 bln rbls vs 51.9 bln forecast (Adds detail, share price)

MOSCOW, Nov 9 (Reuters) - Higher gas prices and output helped Russia’s top non-state gas producer Novatek to more than double third-quarter net profit, the company said on Friday.

Novatek, owned by trader Gennady Timchenko and its chief executive Leonid Mikhelson, also benefited from a lower export duty on gas condensate.

Net profit climbed to a forecast-beating 20 billion roubles ($633.89 million). A Reuters poll of analysts showed an average forecast of 18.7 billion roubles for the net profit and revenue of 51.9 billion roubles.

Revenue increased to 52.7 billion roubles in the quarter, up from 40 billion roubles in the same period last year.

The company’s shares were up 0.15 percent at 1410 GMT, reversing earlier declines and outperforming the broader market , which fell 0.7 percent. ($1 = 31.5512 Russian roubles) (Reporting by Vladimir Soldatkin; Editing by Maria Kiselyova and David Goodman)

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