OAO Novatek (NVTK.RS), Russia's biggest independent natural gas producer, Friday said first-quarter net profit rose 69% to 18.85 billion rubles ($677.0 million) due to higher oil and gas sales, cost optimization and foreign exchange gains.

MAIN FACTS:

-Revenue rose 62% to RUB44.86 billion, due to "an increase in natural gas, stable gas condensate and liquefied petroleum gas sales volumes and prices.

Operating profit totaled RUB21.50 billion, up 61% from 2010.

-Novatek's Chief Financial Officer Mark Gyetvay said: "Our first quarter 2011 results reflect the successful integration of our recent acquisitions into the company's operations, the strong domestic and international pricing environment as well as the measures we have taken to optimize costs throughout the hydrocarbon production and processing cycles."

-First quarter natural gas production stood at 11.94 billion cubic meters compared with 9.86 billion in 1Q 2010.

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