Gazprom Burenie profit tumbles on tax liability; new owner slashes dividends
MOSCOW. Aug 11 (Interfax) - Net profit at Igor Rotenberg's Gazprom Burenie, one of the chief contractors for Gazprom , fell 37.5% to 1.1 billion rubles in 2015, according to the SPARK-Interfax database.
Revenue rose 13% to 64.1 billion rubles, up from 56.6 billion rubles in 2014 and costs were up 11% to 56.3 billion rubles, boosting gross profit 38% to 7.8 billion rubles. Profit from sales was up 60% to 5.4 billion rubles, from 3.3 billion rubles a year earlier. The pretax profit was virtually unchanged at 2 billion rubles.
However, a nearly two-fold increase in deferred tax liability to 2.1 billion rubles from 1.1 billion rubles hurt the bottom line.
According to the company's earnings report, Arkady Rotenberg, who purchased the company from Gazprom in 2008 for 4.05 billion rubles, received double that amount - 8.2 billion rubles - in dividends for 2011 through 2013, with nearly all net profits allocated to dividends: 3.2 billion rubles each in 2011 and 2013 and 1.7 billion rubles in 2012.
In 2014, Gazprom Burenie's owner became Arkady Rotenberg's son Igor, who allocated just 450 million rubles to dividends for 2014, or one-fourth of the net profit that year.
