Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Gazprom Second-Quarter Profit Rises as Retroactive Payments Halt

Nov. 14 (Bloomberg) -- 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.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.