Gazprom posts third quarter loss

Russian gas giant Gazprom posted a net loss of 2 billion roubles in the third quarter of 2015, compared to a net profit of 105.7 billion roubles in the same period a year earlier.

Moscow-based Gazprom said in its results report on Friday that the third quarter revenues rose to 1.29 trillion roubles from 1.13 trillion roubles.

Gazprom’s net sales of gas increased by 9 percent to RUB 2,273,120 million, for the nine months ended September 30.

Net sales of gas to Europe and other countries increased by 17 percent to RUB 1,430,472 million for the nine months ended September 30, as compared to the same period of the prior year.

“The overall increase in sales of gas to Europe and Other countries was driven by the increase in average Russian Ruble price by 20 percent compared to the same period of the prior year. The change was mainly driven by the increase in the foreign exchange rates which was enhanced by the increase in volumes of gas sold by 2 percent, or 2.8 bcm,” Gazprom said in the statement.

Gazprom’s profits for the nine-month period  totaled RUB 673,904, 21 percent higher compared to the same period of the prior year, the statement added.

1 Russian ruble = 0.013073 U.S. dollars

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LNG World News Staff