Gazprom Swung to 1Q Profit as Sales Jumped 31%

By Jaime Llinares Taboada

Gazprom PJSC said Friday that it swung to a profit in the first quarter of 2021, boosted by a 31% increase in sales.

The Russian natural gas producer posted a net profit of 465.61 billion rubles ($6.34 billion) in the three months to March, compared with a net loss of RUB108.08 billion a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortization soared 38% to RUB700.60 billion, mainly reflecting higher sales.

Gazprom said its gas sales to Europe and other countries increased 59% year-on-year in the first quarter, as realized prices denominated in ruble jumped 33%. Sales to former Soviet countries rose 30%, and sales within Russia were up 23%.

In addition, sales of refined products increased 16%, and revenue from crude oil and condensate surged 51% in January-March from the same period of 2020.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

May 28, 2021 04:51 ET (08:51 GMT)

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