April 29, 2020 / 11:26 AM / a month ago

Russia's Novatek says incurs loss of 30.7 billion roubles in first-quarter

MOSCOW (Reuters) - Novatek (NVTK.MM), Russia’s top liquefied natural gas producer, said it ended the first quarter with a loss of 30.7 billion roubles ($417 million) compared to a profit of 381.8 billion roubles a year ago, after a sale of a stake in Arctic LNG-2.

It said its first-quarter revenues and normalized EBITDA, including its share in EBITDA of joint ventures, decreased to 184.6 billion roubles and 100.7 billion roubles, or by 21.2% and 14.6%, respectively, as compared to the corresponding period in 2019.

Excluding the effects from the disposal of interests in subsidiaries and joint ventures, as well as foreign exchange differences, normalized profit amounted to 53.5 billion roubles, a decrease of 18.5% as compared to the first quarter 2019.

Reporting by Vladimir Soldatkin; Editing by Jon Boyle

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