OAO Gazprom (GAZP.RS), the world's largest producer of natural gas, Tuesday unveiled a 16% rise in third-quarter net profit, helped by high European export prices, but below analysts' expectations.
Net profit for the three months ending Sep. 30, under International Financial Reporting Standards, rose to 131.7 billion rubles ($3.64 billion) from RUB113.1 billion in the same period of 2007. That was below a Dow Jones Newswires poll of six analysts who had predicted the ruble-equivalent of RUB170.4 billion.
Gazprom, however, gave no guidance for 2009, despite outlook being key focus for investors.
"While the third-quarter results are important, we believe the market is currently more concerned about the company's operating performance through 2009," Lev Snykov, an analyst at VTB investment bank, said before the results were published.
Gazprom's output fell 16% in February from a year ago as high prices have slashed demand during the global economic slowdown.
Sales in the three months ending Sep. 30, under International Financial Reporting Standards, advanced 60% to RUB829.7 billion from RUB516.2 billion, backed by a 25% boost in domestic gas tariffs on Jan. 1 and higher export volumes.
Gazprom said operating profit more than doubled to RUB306.1 billion from RUB145.1 billion year-on-year.
Gazprom's shares have plunged since last summer amid the global financial crisis. The stock, which has lost 80% in value since its peak in mid-May, was unchanged at $3.1 each shortly after opening Tuesday.