Gazprom’s Q1 net profit up 71 percent

Gazprom’s Q1 net profit up 71 percent

Profit attributable to the owners of PJSC Gazprom for the three months ended March 31, 2015 totaled RUB 382,112 million which is RUB 159,105 million, or 71 %, higher compared to the three months ended March 31, 2014.

Net sales of gas increased by RUB 91,657 million, or 10 %, to RUB 1,001,609 million in the three months ended March 31, 2015 compared to the three months ended March 31, 2014.

Total sales (net of excise tax, VAT and customs duties) increased by RUB 89,516 million, or 6 %, to RUB 1,648,253 million in the three months ended March 31, 2015 compared to the three months ended March 31, 2014. The increase in sales is mainly driven by the increase in gas sales to Europe and other countries and Former Soviet Union countries (excluding the Russian Federation). gazprom_logo_140_en

In the three months ended March 31, 2015 net sales of gas to Europe and other countries increased by RUB 58,614 million, or 12 %, to RUB 542,993 million compared to the three months ended March 31, 2014. This is primarily explained by the increase in average prices in RUB terms (including excise tax and customs duties) by 37 %. The change is primarily due to increase in exchange rate, which is partially compensated by the decrease in volumes of gas sold by 16 %, or 7.6 bcm.

The company said its revenue was at 1.65 trillion roubles, up from 1.56 trillion roubles the same period a year ago.

Gazprom announcement:
Gazprom’s financial information under International Financial Reporting Standards (IFRS) for the three months ended March 31, 2015

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