OREANDA-NEWS. May 2, 2007. Novatek said Wednesday its net profit calculated to Russian Accounting Standards (RAS) declined 2.3%, year-on-year, in the first quarter of 2007, to 3.17 billion rubles (about $122.9 million).

The independent gas producer said its Q1 net income grew 50.75% compared with the fourth quarter of 2006 due to larger earnings resulting from higher prices and increased sales.