Russia’s Novatek posts 39.3 pct drop in 2017 profit

Russia’s largest independent natural gas producer and LNG operator, Novatek said on Wednesday its 2017 net profit declined by 39.3 percent, affected by a stake sale in its Yamal LNG project the year before.

Novatek reported a net profit of 156.4 billion roubles ($2.76 billion) as compared to 257.8 billion roubles in 2016.

The result was affected by the 1.1 billion euros ($1.35 billion) sale of a 9.9 percent equity stake in Yamal LNG to the Silk Road Fund of China and by the foreign exchange differences, Novatek said in its report.

Excluding these, Novatek’s last-year profit would have risen by almost 17 percent to 156.2 billion roubles, it said.