Gazprom Neftekhim Salavat posts losses for Q3, partially because of rising duties on gasoline and naphtha
MOSCOW. Oct 24 (Interfax) - OJSC Gazprom Neftekhim Salavat posted 2.551 billion rubles in net losses for the third quarter of 2011, the company said in a statement.
The company's net profit for the second quarter of 2011 came to 2.688 billion rubles. Gazprom Neftekhim Salavat's worsening financial results were driven by negative exchange rate differences and significant changes in forex rates, as well as rising commercial costs, which had been the result of the introduction of higher customs duties on commercial gas online effective May 2011, commercial and straight-run gasoline as of June 2011.
Gazprom Neftekhim Salavat posted 3.165 billion rubles in net profit for the first nine months of 2011, which is a year-on-year increase of 43%.
The current export duty on gasoline, including that on straight-run production, comes to 90%.