Gazprom Swung to 1Q Profit as Sales Rose 31% -- Update
May 28 2021 - 5:48AM
Dow Jones News
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 period compared with a net
loss of RUB108.08 billion a year earlier.
Net profit attributable to Gazprom shareholders, excluding
noncontrolling interest, was RUB447.26 billion.
Adjusted earnings before interest, taxes, depreciation and
amortization increased 38% to RUB700.60 billion, mainly reflecting
higher sales.
Gazprom said its gas sales to Europe and other countries
increased 59% on year in the first quarter as realized prices
denominated in ruble rose 33%. Sales to former Soviet countries
climbed 30% and sales within Russia were up 23%.
Sales of refined products increased 16%, and revenue from crude
oil and condensate rose 51% in January-March from the same period
in 2020.
Capital expenditure fell 4% to RUB271.75 billion. Net debt as of
March 31 was RUB3.737 trillion down from RUB3.873 trillion as of
Dec. 31.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
May 28, 2021 05:45 ET (09:45 GMT)
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