Gazprom Q3 net profits to IFRS down 9% yoy as forecast
MOSCOW. Feb 10 (Interfax) - Net profits at Russian gas giant Gazprom as calculated to International Financial Reporting Standards (IFRS) dropped 9% year-on-year to 159.037 billion rubles, mostly in line with average analyst projections.
Eighteen analysts surveyed by Interfax provided an average-market figure of 162 billion rubles. The participant in the consensus forecast that came closest to Gazprom's actual Q3 result was Alfa Bank .
Sales revenues were up 15% at 785.451 billion rubles, topping the consensus (765 billion rubles). EBITDA rose 23% to 253.663 billion rubles, about where the consensus reckoned it would be (251 billion rubles).
Net Q3 cash flow dropped to a symbolic 6.344 billion rubles from 55.911 billion in Q2 and 264.517 billion in Q1 last year.
Operating expenses were up 12% in comparison with Q3 2009 and Q2 2010 at 592 billion rubles. Spending on oil and gas procurement climbed 29% year-on-year and 12% from the previous quarter to 162 billion in Q3 last year. Maintenance and operating costs were up 25% at 43 billion rubles. The least predictable category of expenditures was 'other expenses', which were up 48% from the preceding quarter but down 25% year-on-year at 44 billion rubles in Q3 2010.
Net debt at the start of the year was down 29% at 972 billion rubles due to the reduction of short and long-term loans by early repayment, as well as changes to procedures for accounting for group subsidiaries, and increasing cash funds and their equivalent.