Novatek, Russia’s No. 2 gas producer, made second-quarter net profit of 41.9 billion roubles ($703 million), up 31 percent year-on-year on stronger sales, it said on Wednesday.
Analysts had expected the firm to post 38 billion roubles in quarterly net profit.
The company said its revenues were at 112.2 billion roubles, up from 88.4 billion roubles in the same period last year.
“The growth was mainly due to an increase in liquids sales volumes and net prices in Russian rouble terms,” Novatek said. Russian exporters are benefiting from the weak rouble as their sales are mainly denominated in U.S.-dollars.
In the second quarter of 2015, liquid hydrocarbon sales were up almost 73 percent to 2.9 million tonnes, the firm said.
Novatek, Russia’s largest independent gas producer, said its earnings before interest, taxes, depreciation and amortization (EBITDA) reached 50.2 billion roubles versus 40.3 billion a year earlier.
Novatek’s largest shareholders are its chief executive, Leonid Mikhelson, businessman Gennady Timchenko and France’s Total.