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Gazprom to Have Better Time
Russia’s gas monopoly Gazprom released two nine-month accounting reports Friday, the report made out under international accounting standards and the one under Russia’s accounting standards. The results sprang no surprise - the monopoly predictably lowered its net profit and stepped up the export supplies from January to September of 2007. The analysts predict the material improvement in the first two quarters of this year when the effect of higher prices for gas and oil becomes evident.
Gazprom shed its Q3’07 net profit by 6 percent on year to 113 billion rubles under the international accounting standards. In line with the market expectations, the revenues grew by 5 percent to 516.175 billion rubles. The nine-month revenues stepped up by 5 percent to 1.66 trillion rubles, while the net profit shed 4 percent to 426.26 billion rubles. Gas revenues climbed 5 percent in January to September on higher prices for CIS and Russia’s consumers. The revenues generated from selling the gas to far-abroad nations dropped 1 percent.
The buying prices for gas of Middle Asia hit Gazprom indicators. Their increase fueled operating costs of monopoly by 15 percent. At the same time, Gazprom proceeded with its efforts aimed at trimming indebtedness. Its net dept narrowed 28 percent to 583.4 billion rubles from January to September. But Gazprom raised 620 billion rubles ($25 billion) during the period under the report compiled under Russia’s accounting standards.,
In the fourth quarter, Gazprom stepped up export to Western Europe by 16.4 percent, grew it for Central Europe by 23.4 percent and widened the supplies to former USSR countries by 10.4 percent. The export went up 15.3 percent overall but failed to prevent the year’s decline that reached 3 percent and drove down the volume to 349 billion cubic meters. Only the Western Europe’s direction manifested the healthy increase of 3.3 percent to 113 billion cu meters.
www.kommersant.com
All the Article in Russian as of Feb. 18, 2008
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