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01.02.2010

BLOOMBERG: Gazprom Profit Rises on Weaker Ruble, Tax Decline

By Stephen Bierman

OAO Gazprom’s profit climbed a more- than-expected 33 percent in the third quarter after the Russian gas export monopoly paid less tax and the ruble weakened against the dollar.

Net income rose to 174.6 billion rubles ($5.75 billion) from 131.7 billion rubles a year earlier, the Moscow-based company said on its Web site. That beat the median estimate of 156 billion rubles in a Bloomberg survey of 12 analysts.

«The main reason for the unexpected increase was the effective corporate-profit-tax rate,» Alexander Nazarov, an analyst at IFK Metropol, said by phone in Moscow today. «In the third quarter of 2009, the rate was 20 percent, while the previous year it was 35 percent.»

Gazprom shares advanced 2 percent to 190.15 rubles at the close in Moscow.

Profit tax expenses for the period declined 45 percent to 43.2 billion rubles, the state-controlled company said.

Gazprom also made a «significant non-cash gain» from the OAO Gazprom Neft acquisition, which is not taxable for purposes of profit tax, Nazarov said.

Sales fell 8.1 percent to 770.8 billion rubles. The slump in European prices outweighed a 19 percent increase in volumes shipped to the region and an increase in domestic prices. A weakening ruble damped the impact of falling European sales, which are priced in dollars.

The ruble depreciated 22 percent, averaging 31.3 to the dollar in the third quarter compared with the year earlier period, according to Bloomberg data. Exchange gains helped triple finance income to 99.3 billion rubles.

Gazprom net debt increased 44 percent to 1.47 trillion in the first nine months of the year.

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