July 29, 2020 / 11:26 AM / 6 days ago

Russia's Novatek says Q2 profit down by 40% y/y

MOSCOW, July 29 (Reuters) - Novatek, Russia’s largest producer of liquefied natural gas, said on Wednesday its second-quarter net profit declined by around 40% year-on-year to 41.6 billion roubles ($573.1 million), due to the fallout from the coronavirus pandemic.

Novatek also said total revenues and normalized earnings before interest, taxes, depreciation and amortization, including in joint ventures, declined to 143.9 billion roubles and 71.3 billion roubles, respectively, down by 34.1% and 38.5% as compared to the corresponding period in the previous year.

$1 = 72.5845 roubles Reporting by Vladimir Soldatkin and Anton Kolodyazhnyy; Editing by Jon Boyle

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