Novatek logs 40 percent plunge in quarterly profit

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.

Image: Novatek

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.

Novatek reported earlier this month it sold 2.47 bcm of LNG, a

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