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13:48 GAZPROM NET PROFIT FALLS 41% IN H1 TO 169 BLN RUBLES | |
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Moscow, July 31 (Interfax) - Gazprom saw unconsolidated net profit fall 41% in the first half of 2009 year-on-year to 169.039 billion rubles, the gas giant said in a statement. Gazprom posted a net profit of 33.043 billion rubles in the first quarter and 135.996 billion rubles in the second quarter. The quarter-on-quarter increase was mainly due to favorable exchange rate movements. The weaker ruble in the first quarter had caused spending to exceed revenue, the company said. The profit in the second quarter of 2009 was 4% higher that the profit in the second quarter last year. Analysts note that the accounts for the lead company in the Gazprom group, the so-called administration, does not provide a complete picture of the group's financial situation, since it reflects transfer pricing between the lead company and subsidiaries. At the same time, the results for the lead company are the basis for determining the gas giant's dividends. | |
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