MOSCOW, Oct 25 (Reuters) - Russia’s largest private natural gas producer, Novatek, said on Wednesday its net profit rose by 3.4 percent year-on-year to 37.7 billion roubles ($655 million) in the third quarter due to higher prices.
Novatek, headed by Russia’s richest businessman Leonid Mikhelson, said an increase in liquids and natural gas sales prices during the period offset the decline in its sales volumes.
Its third-quarter earnings before interest, taxation, depreciation and amortisation (EBITDA) of subsidiaries rose by 2.9 percent to 45.1 billion roubles. Total revenues added 3.3 percent to reach 130.7 billion roubles.
A Reuters poll of analysts had estimated that the company, in which France’s Total owns a stake, would post a net profit of 36.2 billion roubles. ($1 = 57.5380 roubles) (Reporting by Polina Devitt; editing by Adrian Croft)