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Gazprom IAS H1 consolidated net profit dn by 13.3%

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  • Gazprom IAS H1 consolidated net profit dn by 13.3%

    Gateway 2 Russia, Russia
    Nov 22 2004

    Gazprom IAS H1 consolidated net profit dn by 13.3% to 89.964 bln rbl,
    revenues up 11.8% to 471.474 bln rbl.

    Gazprom announced its H1 IAS consolidated net profit lowered 13.3% on
    year to 89.964 bln rbl vs. 103.761 bln rbl in the first six months of
    2003.

    Aggregate revenues increased by 11.8% to 471.474 bln rbl from 421.827
    bln rbl, gas sales revenues accounted for 80% of the amount (82% a
    year earlier), 32.701 bln rbl, or 9% above the first half of the
    previous year.

    The revenues derived from Europe gas sales dropped by 6.394 bln rbl,
    or 3% to the first half of 2003, to 215.941 bln rbl tied to 10%
    reduction in rbl prices (less taxes) which was partially set off by
    higher sales volume - up 8%, or 6 bcm (to Germany, Italy, France).

    The revenues derived from the gas sales to the Near Abroad Countries
    increased by 21% to 29.689 bln rbl. Sales volume widened by 27% or
    6.2 bcm to partially recover the lower rbl prices which slid 4%.
    Ukraine, Kazakhstan, Georgia, Armenia, Azerbaijan accounted for the
    major portion of deliveries.

    Domestic gas sales increased by 33.888 bln rbl, or 34%, to 133.472
    bln rbl, following increased domestic prices which partially set off
    lower volumes - dn by 2%, or 3.2 bcm.

    Gas condensate sales revenues lowered by 96% to 2.955 bln rbl vs.
    81.838 bln rbl a year earlier. Gas condensate, petroleum sales
    widened 40% to 54.968 bln rbl vs. 39.129 bln rbl in the in the first
    half of 2003. Gas transportation revenues increased by 16% to 15.297
    bln rbl from 13.168 bln rbl.

    Operating costs widened by 24.1% to 346.582 bln rbl from 279.374 bln
    rbl.

    Sales profit declined 12.3% to 124.892 bln rbl from 142.453 bln rbl.
    Profit before taxes and minor deductions slid 10.8% to 129.172 bln
    rbl vs. 144.793 bln rbl a year earlier.

    Current profit tax amounted to 26.179 bln rbl, 7% up on year (24.469
    bln rbl). Total profit tax declined 4% to 38.561 bln rbl from 40.236
    bln rbl.

    Profit before minors deductions lowered 13.3% to 90.611 bln rbl from
    104.557 bln rbl.

    Aggregate net debt increased by 596 mln rbl, or 0.1%, to 426.506 bln
    rbl from 425.91 bln rbl early this year.
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