By Mirza Duran Russian independent LNG producer Novatek reported a 40 percent decline in its second-quarter profit due to the effects related to the Covid-19 pandemic.
Net profit reached 41.6 billion roubles ($572.8 million) in the April-June period, compared to 69.1 billion roubles last year.
Revenues also dropped 34.1 percent to 143.9 billion roubles ($1.98 billion).
Novatek said its results were “significantly impacted by the unfavorable macroeconomic environment” as the Covid-19 pandemic destroyed demand all over the globe pushing prices down to record lows.
Revenues also dropped due to lower LNG sales on international markets.
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