Novatek's Net Profit Slumps 3% Amid Rising Expenses

Novatek, Russia's largest liquefied natural gas producer, reported a decline in its first-half net profit to $2.8 billion, down around 3% year-on-year. The company attributed this decrease to rising expenses.

In contrast, Novatek's revenue grew by 4% to 836.3 billion roubles compared to the same period last year, reaching a total of $10.7 billion at current exchange rates.

The decline in net profit was despite an increase in hydrocarbon production, with natural gas production up 2.7% and total hydrocarbon output rising by around 2.8%