MOSCOW, August 7 (RIA Novosti) - Itera, Russia's No. 1 independent natural gas producer, said Monday its net profit calculated to Russian Accounting Standards rose 200% year-on-year in the first half of 2006 to 960 million rubles (about $35.5 million).
Itera, which holds a virtual monopoly on gas trading in two key former Soviet republics the gateway to western European energy markets, Georgia and Ukraine, attributed the profit growth to a planned rise in earnings resulting from an increase in the volume and the price of gas sales.
Itera, which has a charter capital of 60 million rubles ($2.23 million), said its gross profit had risen 220% in the reporting period to 6.19 billion rubles (abut $229 million), while the prime cost of its products had declined 50% to 6.06 billion rubles (about $224 million).
