Gazprom Tables USD 31 B Profits Q1-Q3 2011

Gazprom CEO Alexei Miller attends an annual meeting of shareholders in Moscow, Russia, 30 June 2011. EPA/BGNES

Russian natural gas giant Gazprom announced it has pocketed a net profit of RUB 940.8 B for the first 9 months of last year.

The profit, worth some USD 31.05 B, is 40% more than that for the same period in 2010.

Gazprom has recorded a 32% increase in sales in the January-September 2011 period, predominantly in countries from the former USSR.

Due to fluctuations in the exchange rates, income from those countries has risen with 58%, compared to a 33% rise in sales.

The total amount of natural gas sold by Gazprom Q1-Q3 in 2011 is 371.8 B cubic meters.

At the same time, operational costs by the company have risen with 23% to USD 70 M, while the proportion of debt has risen to 20%, USD 34.5 M.

Using a long-term contract, Gazprom delivers more than 90% of the natural gas consumed in Bulgaria.

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