Russian energy giant Gazprom's IFRS net profit for 2012 fell 10 percent year-on-year to 1.18 trillion rubles ($38 billion) amid lower gas sales, the company said on Tuesday.
Gazprom’s revenues for that year rose by 3 percent to 4.764 trillion rubles.
Gazprom’s financial performance exceeded a consensus forecast of analysts who expected the energy giant’s net profits at 1.158 trillion rubles and sales at 4.623 trillion rubles.
Net sales ofgas in 2012 fell by 6 percent year-on-year to 2.656 trillion rubles.
Net sales ofgas toEurope and other countries grew by2 percent to 1.469 trillion rubles. “This change was primarily due tothe increase inaverage realized prices inruble terms (including customs duties) by6 percent, which was partially compensated for bya decrease involumes ofgas sold by4 percent or5.6 billion cubic meters,” Gazprom said in a statement.
Net sales ofgas last year toformer Soviet Union countries plunged by 17 percent to 529.516 billion rubles. “The decrease ofsales inthis segment isexplained bythe decrease ofvolume ofgas sold by19 percent or15.6bcm, which was partially compensated bythe increase ofthe average realized prices inruble terms (including customs duties) by12 percent.”
Gazprom’s operating expenses increased by18 percent to 3.481 trillion rubles while the energy giant’s net debt grew by 5 percent to 1.081 trillion rubles as of December 31, 2012 due to the “decrease incash and cash equivalents.”