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Monday, August 25, 2008

Russian gas producer Itera posts 50% net profit growth in 1H08

MOSCOW, August 12 (RIA Novosti) - The Russian natural gas producer Itera said on Tuesday its net profit calculated to Russian Accounting Standards grew 50%, year on year, in January-June to 2.42 billion rubles ($99 million). Revenues in the reporting period grew 37.8% to 20.69 billion rubles ($844 million), gross profit climbed 28.3% to 10.58 billion rubles ($432 million), operating profit rose 60% to 3.67 billion rubles ($149 million) and pre-tax profit increased 50% to 3.31 billion rubles ($135 million), the independent natural gas producer said. Itera, which has authorized capital of 60 mln rubles ($2.5 mln), earlier said 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 2.93 billion rubles ($122 million). The company is 99.99% owned by Itera Holdings Limited.

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