CONSENSUS: Gazprom doubles IFRS net profit in Q3 2012
MOSCOW. Jan 16 (Interfax) - Gazprom nearly doubled its net profit to International Financial Reporting Standards (IFRS) in Q3 2012 to 295 billion rubles, according to a consensus forecast of 17 analysts polled by Interfax.
Analysts predict that the gas major generated 1.077 trillion rubles in revenue, up 13.4% year-on-year, whereas earnings before taxes, depreciation and amortization (EBITDA) fell 13% to 343.8 billion rubles.
Profit from exchange rate differences averaged at $2-$2.5 billion in Q3, analysts forecast. Uralsib estimates currency gains at roughly $2 billion, and Raiffeisen puts them at 78.6 billion rubles.
Renaissance Capital analysts attribute the drop in EBITDA to faster growth in operating costs in comparison with revenue, caused chiefly by the higher natural resources extraction tax (NRET). Sberbank CIB thinks that Gazprom may have come up against certain complications at the operating cost level and predicts "substantial growth in discretionary spending, such as spending on personnel and materials."
Gazprom will publish its financial report on January 17.
Forecast of Gazprom's financials for Q3 2012:
| Company | Revenue Q3 2012 | EBITDA Q3 2012 | Net profit Q3 2012 |
| Morgan Stanley | 1088,7 | 352,4 | 293,9 |
| Sberbank CIB | 1083,9 | 334,2 | 296,3 |
| Uralsib | 990,5 | 349,8 | 306,1 |
| Otkritie Capital | 1075,0 | 319,0 | 280,0 |
| Metropol | 1074,0 | 401,1 | 320,4 |
| UBS | 1 125,1 | 376,0 | 272,5 |
| JP Morgan | 1 115,0 | 326,0 | 266,0 |
| Goldman Sachs | 1 021,9 | 323,4 | 300,3 |
| Renaissance Capital | 1 077,3 | 359,4 | 321,3 |
| Gazprombank | 1 039,0 | 348,0 | 284,0 |
| Citi | 1 104,4 | 335,2 | 303,2 |
| BrokerCreditService (BCS) | 1 121,0 | 326,0 | 283,0 |
| VTB | 1 031,1 | 344,8 | 303,9 |
| Raiffeisen | 1 039 | 313,9 | 314 |
| Bank of America Merrill Lynch | 1111,0 | 321,0 | 275,0 |
| HSBC | 1132,0 | 383,6 | 309,6 |
| Credit Suisse | 1070,5 | 330,2 | 284,8 |
| Consensus | 1076,5 | 343,8 | 295,0 |
| 2011 result | 949,6 | 395,751 | 151,978 |
| % change yoy | 13,4% | -13,1% | 1,94 |
