Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Gazprom first half profits drop 34% to $16.2 bn  Join our daily free Newsletter

MENAFN - AFP - 02/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) The world's largest gas company Gazprom on Friday announced a 34 percent drop in net profits for the first half of 2012 to 16.2 billion as sales in its core markets dropped and expenses increased.

Gazprom said in a statement that its net profit for the first half was 508.7 billion rubles (16.2 billion) compared with 771.7 billion (26.6 billion) in the same period last year, with total sales falling five percent to 2.23 trillion rubles (71.1 billion).

Income was squeezed by a 15 percent fall in net sales of gas to 1.24 trillion rubles (39.7 billion) although a 10 percent drop in sales to European markets was partially compensated by currency factors.

Sales of gas to the former Soviet Union region however plunged by a sharp 23 percent, the company said.

Operating expenses meanwhile rose eight percent to 1.62 trillion rubles (51.8 billion) largely due to increased taxes and transit charges, the company said.

Founded in 1989, Gazprom grew out of the USSR's Gas Industry Ministry to become the world's largest gas company and a pillar of the modern Russian state under President Vladimir Putin which is still hugely reliant on petrodollars.

However analysts have said its long-term domination is at risk as European clients seek to diversify import sources and as alternative gas sources like shale and LNG where Gazprom has failed to make an impact become more significant.


 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help