“OAO Gazprom, the biggest natural-gas producer, said profit doubled in the third quarter, beating analyst estimates, as a foreign exchange gain helped compensate for soaring costs.
Net income climbed to 305 billion rubles ($10.1 billion) from 152 billion rubles a year earlier, Moscow-based Gazprom said today on its website. That compared with an average estimate of 291 billion rubles from 10 analysts surveyed by Bloomberg. Revenue rose 18 percent to 1.12 trillion rubles.
Gazprom, Russia’s monopoly gas exporter, battled weakening European markets last year that forced suppliers to compete to maintain sales. The company offered discounts to some customers and raised the weight of spot market prices in setting rates, which are mainly linked to oil-price indexes. The gas producer raised investments even as demand weakened, saying it needs to ensure production and transport capacity for the future.
“There isn’t much to be positive about, despite the positive market reaction,” Ildar Davletshin, a gas analyst at Renaissance Capital in Moscow, said by phone today. “Costs increased for personnel, transit, oil and gas purchases.”
Gazprom shares rose as much as 1 percent in Moscow and traded up 0.8 percent at 147.50 rubles at 1:30 p.m.
