Moscow: A weakening rouble more than doubled third-quarter net income at Russia’s gas export monopoly Gazprom, beating analysts’ forecasts, the company said on Thursday.
Gazprom said July-September 2012 net profit attributable to shareholders rose to 305.1 billion roubles ($10.06 billion) from 152 billion in the year-earlier period, above the 287 billion projected in a Reuters poll of analysts.
Gazprom’s Moscow-traded shares rose 0.8 per cent in early trade, outperforming an increase of 0.24 per cent in the broader market
The company said it recorded a forex gain of 92.7 billion roubles in the third quarter as the rouble depreciated against the dollar and euro.
The bulk of the company’s revenues comes from gas sales to Europe, where Gazprom meets around a quarter of gas needs. But the company has been losing its share in the European market due to sluggish demand.
Gazprom’s exports to the European Union and Turkey declined 8 per cent last year to 138 billion cubic metres, the lowest level in years.
Revenues for the quarter rose 16 per cent to 1.1 trillion roubles, also beating analysts’ expectations of 971.5 billion.
Gazprom has agreed to adjust long-term deals with key European customers, who said Russian gas prices were too high.
The company said its retroactive payments stood at 133.2 billion roubles for the first nine months of the year, unchanged from the first half, meaning that Gazprom did not make any such payments in the third quarter.