Gazprom posts 9M 2009 Net Profit of 479.3 billion Roubles

Russia’s gas major Gazprom has posted a 9M 2009 Net Profit of 479.3 billion Roubles under IFRS.

The bottom line is down from its Net Result of 751.7 billion Roubles for the same period in 2008, on the back of Revenues also falling to 588.8 billion Roubles from one trillion roubles in 9M 2008.

However 3Q 2009 results show a different picture, with its Net Profit of 173.5 billion Roubles an increase year on year from 142.3 billion Roubles. This despite Revenues falling by almost half to 156.9 billion Roubles from 306 billion Roubles in 3Q 2008.

The company attributed lower 9M 2009 Revenues to a 64% jump in costs for gas purchases, which was mainly due to a price rise for Central Asian gas and the increased number of sales and purchase operations in the European market.