Gazprom's Q2 profit triples
OAO Gazprom said second-quarter profit almost tripled as Russia's largest energy producer reaped higher prices before oil prices tumbled from records.
Net income climbed to 300 billion roubles ($10.2 billion) in the quarter ended June 30 from 103 billion rubles in the same period last year, the Moscow-based company said yesterday. Since then, Gazprom has fallen 69 percent on the Micex Stock Exchange amid a collapse in Russian shares and has been admitted to a list of companies eligible for priority state loans.
State-run Gazprom expects to have a record 2008 as gas prices for European consumers lag behind oil prices that peaked in July. The subsequent drop in crude and the credit crunch mean Russia's largest company is now bracing for lower revenue. The average European price in 2009 will likely be $260 to $300 per 1,000 cubic meters, down from more than $500 in the second half of this year, Deputy Chief Executive Officer Alexander Medvedev said on Dec 18.
