Gazprom EBITDA to fall 10% in 2012 due to NRET growth
MOSCOW. June 28. (Interfax) - Gazprom's earnings before taxes, depreciation and amortization (EBITDA) might fall by 10% this year to $58 billion due to growth in the natural resources extraction tax (NRET), the Russian gas major's deputy CEO and head financier Andrei Kruglov said at a press conference.
Revenue is expected to grow from $157-$158 billion to $160 billion.
Gazprom's financial officers did not say what for of net profit the company might generate this year.
According to the SPARK database, the consensus forecast for Gazprom's financial results this year concurs largely with what the company itself is saying: revenue - $157 billion, EBITDA - $61 billion and net profit - $41 billion. The consensus is based on forecasts by 18 leading investment banks.
In addition, Kruglov said that this year, "due to negative phenomena in the world economy and abnormal weather conditions, there has been a tendency for gas demand to decrease among external and domestic consumers. So we expect some reduction in planned gas production figures compared with last year's level."
Gazprom produced 513.2 billion cubic meters of has last year. The official forecast for 2012, approved in December, is 529.3 bcm.
