| Gazprom first-quarter net profit triples to 324.9 bln rbls |
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02/09/2010 14:52 (527 Day 18:49 minutes ago) | |||||
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The FINANCIAL -- On 2 September 2010 OAO Gazprom issued its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34) for the three months ended 31 March 2010.
Sales (net of excise tax, VAT and customs duties) increased by RR 119,660 million, or 14%, to RR 956,816 million in the three months ended 31 March 2010 compared to the three months ended 31 March 2009.
"Net sales of gas increased by RR 3,266 million, or 1%, to RR 612,830 million in the three months ended 31 March 2010 compared to the three months ended 31 March 2009. This increase was primarily due to higher volumes of gas sold in all geographical segments, which was compensated by the decrease of average realized prices in RR terms (including excise tax and customs duties) for sales in Europe and other countries and FSU," Gazprom informs.
For the three months ended 31 March 2010 net sales of gas to Europe and other countries decreased by RR 80,118 million, or 22%, to RR 286,218 million compared to the three months ended 31 March 2009. This mainly results from the decrease of average realized prices in RR terms (including excise tax and customs duties) by 36% which was compensated by the increase of the volume of gas sold by 37%, or 11.6 bcm.
Net sales of gas to FSU countries increased by RR 8,548 million, or 10%, to RR 93,829 million in the three months ended 31 March 2010 compared to the three months ended 31 March 2009. The increase of sales in this segment is explained by increase of volumes of gas sold by 75%, or 7.3 bcm, which was compensated by the decrease of the average realized prices in RR terms (including customs duties, net of VAT) by 24%.
Net sales of gas in the domestic market increased by RR 74,836 million, or 47%, to RR 232,783 million in the three months ended 31 March 2010 compared to the three months ended 31 March 2009. This is explained primarily by the increase in the average domestic price for gas set up by the Federal Tariffs Service, which was enhanced by the increase of the volume of gas sold by 10%, or 9.3 bcm.
Net sales of refined products increased by RR 55,741 million, or 57%, by RR 153,545 million in the three months ended 31 March 2010 compared to the three months ended 31 March 2009. The increase was primarily due to the increase of volumes sold and increase of prices for refined products as well as by new acquisitions of Gazprom neft Group.
Net electric and heat energy sales increased by RR 35,809 million, or 60%, to RR 95,416 million in the three months ended 31 March 2010. The increase in electric and heat energy sales mainly resulted from consolidation of OAO TGK-1 starting from 31 December 2009 after control over that entity was obtained as well from an increase in sales of electricity and heat volumes by other energy assets of the Group.
In the three months ended 31 March 2010 net sales of crude oil and gas condensate increased by RR 8,629 million, or 24%, to RR 44,584 million compared to the three months ended 31 March 2009. The increase of net sales of crude oil and gas condensate primarily resulted from the Gazprom Neft activities: net sales of crude oil increased by RR 4,798 million, or 14%, to RR 38,503 million in the three months ended 31 March 2010 compared to the three months ended 31 March 2009.
In the three months ended 31 March 2010 net gas transportation sales increased by RR 12,322 million, or 96%, to RR 25,147 million compared to the three months ended 31 March 2009. The increase of net gas transportation sales was primarily due to the increase of volumes of gas transported for independent gas suppliers.
Operating expenses increased by RR 65,577 million, or 12%, to RR 623,479 million in the three months ended 31 March 2010 compared to the three months ended 31 March 2009.
Major items whose growth resulted in the increase of the total amount of operating expenses are: exchange rate differences on operating items (change by RR 73,351 million), taxes other than on income (increase by RR 25,099 million), staff costs (increased by RR 23,111 million), transit of gas, oil and refined products (increased by RR 13,527 million) and depreciation (increased by RR 13,534 million). This increase was partially compensated by the cost reduction within purchased oil and gas (decrease by RR 101,052 million) line item. The cost of purchased gas decreased by RR 125,384 million, or 58%, and the cost of purchased oil increased by RR 24,332 million, or 109%. The decrease in cost of purchased gas was mainly caused by the decrease in cost of Central Asian gas purchases.
In the three months ended 31 March 2010 our profit for the period attributable to owners of OAO Gazprom totaled RR 324,953 million which is RR 221,274 million, or 213%, higher compared to the three months ended 31 March 2009.
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