💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

EARNINGS POLL-Russia's Gazprom Q1 net seen falling 69 pct

Published 08/25/2009, 03:57 AM
Updated 08/25/2009, 04:00 AM
DBKGn
-
GC
-

* Q1 results due on Wednesday, Aug 26

* Net profit seen down 69 percent to $2.5 billion

MOSCOW, Aug 25 (Reuters) - Russian energy giant Gazprom is set to report a 69 percent fall in its net profit for the first quarter of 2009, when its financials were dealt a heavy blow after disruptions of gas supplies to Europe.

A row between Kiev and Moscow over payments in January cut supplies to Europe, which gets about 20 percent of its gas from Russia via Ukraine.

Goldman Sachs analysts said the financial decline would result from a 40 percent fall in shipments to Europe and a 50 percent fall in shipments to former Soviet states during the quarter.

A sharp rouble devaluation also had a negative impact on Gazprom's bottom line. JPMorgan analysts believe that the company had a $5 billion currency loss for the quarter on its foreign currency-denominated debt.

The average forecast given in the poll of nine analysts was for a net profit of 84.75 billion roubles ($2.5 billion) in January through March versus 273.44 billion roubles a year earlier.

Following are results of the poll (in billions of dollars):

Revenues EBITDA net profit JPMorgan 28.086 8.505 1.253 Troika Dialog 23.758 8.424 1.187 Solid 19.700 7.800 5.500 Alfa Bank 27.557 9.338 2.484 Deutsche Bank 22.617 7.655 1.914 VTB Capital 27.353 9.908 3.063 *Uralsib 26.519 9.676 3.687 *UniCredit Securities 24.675 10.148 2.779 *Goldman Sachs 24.522 6.884 0.820 Average (USD, bln) 25.000 8.700 2.500 Average (RUB, bln) 847.500 249.930 84.750 Q1'2008 (USD, bln) 37.237 17.400 10.820 Q1'2008 (RUB, bln) 902.944 422.036 273.439

*These analysts gave forecasts in roubles, which were converted into dollars using the Russian central bank's average rate for the first quarter of 2009, which was 33.9 roubles per dollar. Gazprom reports its financials in roubles. (Reporting by Vladimir Soldatkin; Editing by Jon Loades-Carter)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.