News & Analysis » US

Oao Gazprom Q1 Profit Rises - Update

(RTTNews) - Russian energy company Oao Gazprom (OGZPF.PK) Thursday reported a rise in profit for the first quarter, helped by higher average gas price in Russia.

Gazprom's profit before tax soared to Russian Rouble or RR 421.7 billion from RR 147.2 billion last fiscal.

Profit for the period surged to RR 336.84 billion from RR 110.17 billion last year.

Operating profit was higher at RR 339.30 billion compared with RR 282.6 billion last year.

Gazprom's sales rose 14% to RR 956.81 billion from RR 837.15 billion last year.

Sales of gas edged up to RR 612.8 billion from RR 609.56 billion in the year ago quarter. Volume wise, the company sold 162.2 billion cubic metre of gas or bcm, higher than 134.0 bcm a year ago.

Gazprom attributed the rise in gas sales to higher volumes of gas sold in all geographical segments, which was compensated by the decrease of average realized prices in RR terms.

Sales of refined products were higher at RR 153.54 billion versus RR 97.8 billion, while sales of crude oil and gas concentrate grew to RR 44.5 billion from RR 35.9 billion.

On the prices front, in Russia, average gas price climbed to RR 2,271.6 per mcm from RR 1,695.1 per mcm. Average gas price in Europe and other countries declined to RR 8,572.9 per million cubic metre or mcm from RR 13,311 mcm a year ago. In FSU region, average gas price fell to RR 6,961.4 per mcm from RR 9,219.3 per mcm.

OGZPF.PK closed Wednesday's regular trade at US$21.10.