RIA Novosti reported that Russia largest independent gas producer Novatek saw third quarter 2011 net profit fall 16.8%YoY to RUB 8.41 billion to IFRS.

Revenue in the quarter rose 35.8% to RUB 39.98 billion due to sales and price growth. The company liabilities grew 29% to RUB 151.443 billion. Earnings per share dropped to RUB 2.77 in the third quarter of this year from RUB 3.33 in the same period in 2010.

Gas sales grew 51% in July to September 2011 while sales of liquid hydrocarbons fell 4.1%.

(Sourced from RIA Novosti)