Russia’s largest private natural gas producer, Novatek's profit, attributable to shareholders, decreased by 39.3 percent in the first quarter of 2018 compared to the same period last year, the company said Wednesday.
Novatek said that its net profit fell to 43.1 billion rubles ($696 million) due to foreign exchange differences.
'The group’s profits in both reporting periods were significantly impacted by the recognition of substantial non-cash foreign exchange effects on foreign currency denominated loans of the Group and its joint ventures,' Novatek explained.
Novatek said earlier that its net profit for 2017 fell by 39.3 percent to 156.4 billion rubles ($2.8 billion), compared to the previous year.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr