Gazprom EBITDA in Q2 significantly higher than forecast, profit lower
MOSCOW. Aug 30 (Interfax) - Gazprom saw IFRS net profit drop 80% to 47.893 billion rubles in Q2 2017, the company reported.
The result was below the expectations of market analysts, who on average thought the profit would amount to 53 billion rubles (brokerage company BCS came closest to the actual figure).
Revenue rose 5.1% to 1.395 trillion rubles (compared with the forecast of 1.401 trillion rubles). EBITDA increased 37% to 343.907 billion rubles (300.6 billion rubles).
The exchange rate loss totaled 140.508 billion rubles, in line with the most pessimistic forecasts from analysts.
Net debt totaled 2.292 trillion rubles as of the end of the period, up 19% since the beginning of the year. "This increase was due to an increase in borrowings and a decrease in cash and cash equivalents. A decrease of cash balances was due to an increase of short-term deposits," Gazprom said.
