Russian gas giant OAO Gazprom's (GAZP.RS) net profit halved in the second quarter, compared with the corresponding period a year earlier, as a result of lower gas sales and retroactive payments to European customers, but the figure was still above analysts' forecasts.
Russian gas giant OAO
Gazprom's (GAZP.RS) net profit halved in the second quarter, compared with the corresponding
period a year earlier, as a result of lower gas sales and retroactive payments
to European customers, but the figure was still above analysts' forecasts.
State-controlled Gazprom--the world's biggest producer of natural gas--said
Friday that net profit attributable to shareholders totaled 150.8 billion
rubles ($4.8 billion) in the three months to June 30 compared with RUB303.7
billion a year earlier.
The second-quarter results were posted on the company's website after it
earlier reported its first-half profit fell 34% to RUB509.7 billion
A Dow Jones Survey of eight analysts had forecast that Gazprom's net profit for
the second quarter would fall to RUB143 billion. Gazprom shares were up 0.9% in
Moscow at
RUB145.59 at 0807 GMT.
Gazprom has adjusted supply contracts with some clients, its most lucrative
market, and made retroactive payments totalling RUB133.2 billion in the first
half of the year. Gas sales were down to 255.5 billion cubic meters in the
first six months of the year from 287.6 billion in the same period last year.
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