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Gazprom Second-Quarter Profit Rises as Retroactive Payments Halt

OAO Gazprom, the largest natural gas producer, said second-quarter profit climbed 30 percent after retroactive payments from the previous year weren’t repeated.

Net income rose to 202 billion rubles ($6.2 billion) in the quarter ended June 30 from a restated 156 billion rubles the previous year, the Moscow-based company said on its website. That matched the 201 billion-ruble average estimate of 10 analysts surveyed by Bloomberg News.

European demand strengthened in the first half, allowing the Russian exporter to increase deliveries and easing pressure to reduce prices present last year. In 2012, Gazprom, which provides Europe with about a quarter of its gas, recognized retroactive discounts to customers in the region.

Revenue rose 10 percent to 1.11 trillion rubles in the second quarter from a year earlier, according to the statement. Free cash flow in the period amounted to 142 billion rubles, according to Bloomberg calculations based on first-half and first-quarter numbers.

First-half exports to European and other countries outside of the former Soviet Union rose to 85.5 billion cubic meters from 77.9 billion cubic meters a year earlier, while the average gross price rose to $385.10 per 1,000 cubic meters from $381.20, according to the statement.

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