Gazprom net profit to IFRS down 4% in Q3 2011
MOSCOW. Feb 1 (Interfax) - Gazprom's net profit to International Financial Reporting Standards (IFRS) was down 4.4% to 151.978 billion rubles in Q3 2011, the company said in its financial report.
This figure significantly coincided with the average market forecast (150.427 billion rubles) taken from 21 analysts polled by Interfax. Of the analysts who participated, Societe Generale's forecast was the most accurate.
Gazprom's revenue grew 22% to 949.585 billion rubles during the period, compared to a forecast of 946 billion rubles. Earnings before taxes, depreciation and amortization (EBITDA) jumped 52% to 395.751 billion rubles, against a forecast of 324.534 billion rubles.
As many analysts warned, the company had a negative free cash flow in Q3 2011 of 25.879 billion rubles ($0.9 billion) after a positive free cash flow in the previous quarter.
Losses from exchange rate differences totaled 141.466 billion rubles ($4.865 billion) - higher than even the boldest expectations.
Operating expenses grew 6% (equal to inflation) to 620.949 billion rubles.
For January-September 2011, Gazprom's net profit jumped 41% to 923.647 billion rubles.
The gas major's net debt was up 20% to 1.044 trillion rubles in the nine months on account of attracting new long-term loans, a weakened ruble against the bi-currency basket and "the decrease in cash and cash equivalents," the report said.