30 Oct 2009 19:24

Gazprom more than halves net profit to 189 bln rubles in 9M

MOSCOW. Oct 30 (Interfax) - Gazprom slashed net profit to Russian Accounting Standards (RAS) 56.5% year-on-year in January-September to 189 billion rubles.

The Russian gas giant said net profit in Q3 2009 fell 85.7% year-on-year to 20.15 billion rubles. The company had net profit of 136 billion rubles in Q2 2009.

Profit plummeted in Q3 due to "lower exchange-rate gains and the reflection of customs payments for May-June 2009."

Gazprom said: "owing to a refusal of central energy customs to accept full export declarations, it was necessary to pay a advance large on customs duties and collections, which substantially lowers current liquidity."

The company said that its quarter three profit was also influenced by other factors such as payments made in May and June, which were included in the third quarter reporting.

The company's net profit in the nine months fell by 57% to 189 billion rubles.

The financial reporting for OJSC Gazprom, the concern's parent company (or "administration"), does not show the entire financial situation since it is the result of funds-transfer-pricing between the head company and its subsidiaries. However, the financial reporting for OJSC Gazprom forms the basis for dividend calculations.