Russian gas producer Itera posts 29% net profit growth in Q1
12 May 2008
RIA Novosti

The Russian natural gas producer Itera said on Monday its net profit calculated to Russian Accounting Standards grew 28.5%, year on year, in the first quarter to 1.22 billion rubles ($51 million).

Revenues from gas sales in the reporting period grew 38.5% to 11.299 billion rubles ($475 million), the company said.

The independent natural gas producer said growth in revenues in the reporting period resulted from higher natural gas prices set by the Federal Tariff Service and increased gas sales.

Itera supplied 6.454 billion cubic meters of gas to consumers in the first quarter or 9% more compared with the same period last year, the company said.

Itera, which has authorized capital of 60 mln rubles ($2.5 mln), said in April its revenues calculated to Russian Accounting Standards grew 23.6%, year on year, in 2007 to 29.69 billion rubles ($1.2 billion) and its net profit increased 47.6% to 2.934 billion rubles ($122 million).

ENDS