TNBiz (TNBiz)
World markets  |  August 30, 2011 19:35:06

Gazprom 1Q profit increased 42% year on year

MOSCOW (MEDIAFAX) - Russian gas company Gazprom in the first quarter profit rose 42 percent to 478.5 billion rubles (about 276 billion CZK). Informed the agency on Tuesday said.

The main reason 42procentního annual profit growth of Gazprom, which is the largest producer of gas in the world is stronger sales in Europe. Markets, according to Reuters expected annual profit growth of just 29 percent.

Gazprom's total revenues increased by 38 percent to 1.317 trillion rubles. In Europe, sales rose by nearly 40 percent to 398 billion rubles. European customers by investment bank UralSib likely to buy gas supplies due to its expected growth rates.

"The results are amazing, but this year has reached its peak. We expect that sales in Europe in the second half of fall. European economy is clearly slowing, extra supplies to Europe will soon launch gas pipeline from Libya," he told Reuters analyst at Wood & Company Financial Services Chirvani Abdoullaev.

Total gas sales in the first quarter grew 10 percent to 178.3 billion cubic meters. While sales in Russia were flat at 102.5 billion cubic meters, exports to Europe rose by 8.4 percent to 46.6 billion cubic meters.

Gazprom has the largest reserves of natural gas in the world and has to export Russian gas monopoly. The company is a major exporter of gas to Europe, where its supplies cover about a quarter of total consumption.

Tomáš Králíček,

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