Gazprom's RAS net profit falls 33.4% to 191.4 bln rubles in Q1
MOSCOW. May 15 (Interfax) - Gazprom saw its net profit to Russian Accounting Standards (RAS) fall 33.4% year-on-year to 191.38 billion rubles in Q1 2013, the Russian gas giant reported.
The parent company's financial report serves as the basis for calculating dividends.
Revenue rose 7% to 1.092 trillion rubles in the three months, but cost of sales increased at a faster pace, 14.7% to 492.695 billion rubles, slowing growth in gross profit to just 1.5%, to 599.2 billion rubles.
Substantial growth in business expenses resulted in a profit from sales declining 5% compared with the same period last year, to 305.17 billion rubles.
Pretax profit fell even further, by 31.6% to 258.3 billion rubles. The largest contributors to that decline were a drop in other revenue, to 571.7 billion rubles from 804.3 billion rubles a year earlier, and in earnings from participation in other organizations, which fell to just 70 million rubles, down from 21.6 billion rubles in the first quarter last year.
