MOSCOW, April 30 (RIA Novosti) - 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 of gas in 2012 fell by 6 percent year-on-year to 2.656 trillion rubles.
Net sales of gas to Europe and other countries grew by 2 percent to 1.469 trillion rubles. “This change was primarily due to the increase in average realized prices in ruble terms (including customs duties) by 6 percent, which was partially compensated for by a decrease in volumes of gas sold by 4 percent or 5.6 billion cubic meters,” Gazprom said in a statement.
Net sales of gas last year to former Soviet Union countries plunged by 17 percent to 529.516 billion rubles. “The decrease of sales in this segment is explained by the decrease of volume of gas sold by 19 percent or 15.6 bcm, which was partially compensated by the increase of the average realized prices in ruble terms (including customs duties) by 12 percent.”
Gazprom’s operating expenses increased by 18 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 in cash and cash equivalents.”
