MOSCOW, May 19 (RIA Novosti) - Novatek [RTS: NVTK] said on Monday its net profit calculated to International Financial Reporting Standards (IFRS) grew 80%, year on year, in January-March 2008 to 7.5 billion rubles ($315 million).
Russia's largest independent natural gas producer said its revenues in the reporting period grew 36.8% to 20.89 billion rubles ($878 million).
The company attributed the growth in revenues from core activities to the favorable price situation on the domestic and international hydrocarbon markets.
Established in 1994, Novatek handles the prospecting, production and refining of gas and liquid hydrocarbons. Its gas fields are located in the Yamal-Nenets autonomous area in West Siberia, which has the world's largest natural gas reserves. The region accounts for over 90% of Russian natural gas output and around 20% of global gas production.
