November 29, 2017 / 8:45 PM / 2 years ago

Russia's Gazprom third-quarter net profit almost doubles

The logo of Russian gas giant Gazprom is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russian gas giant Gazprom on Wednesday posted a third-quarter net profit of 200.5 billion roubles ($3.4 billion), almost doubling the 102.2 billion roubles it recorded in the same period last year and exceeding analysts’ expectations.

Analysts polled by Reuters had expected third-quarter profits to come in at 191.1 billion roubles.

Helped by higher oil prices and gas exports, Gazprom said third quarter revenue was 1.43 trillion roubles, up from 1.257 trillion roubles last year, but slightly lower than a Reuters poll of analysts had forecast.

European export volumes delivered by Gazprom were 3 billion cubic meters higher year-on-year in the third quarter, while Brent gained $5 and spot gas prices in Europe were up by $40 for 1.000 cubic meters, VTB bank said in a note this week.

The Kremlin-controlled energy champion, which supplies about a third of EU needs and reports its financials in roubles, said its net profit for the first nine months of this year fell to 581.8 billion roubles from 709.3 billion roubles a year earlier.

Nine-month revenue rose to 4.6 trillion roubles from 4.3 trillion roubles in the same period in 2016, it said.

Gazprom also disclosed in its financial accounts that it had reached an agreement this month to take out a long-term loan with Unicredit for 700 million euros. It said the loan was agreed at an interest rate of Euribor plus 1.95 percent and had to be paid back by 2022.

The company raised its estimated capital expenditure for this year to 1.64 trillion roubles from a previous estimate of 1.58 trillion roubles.

($1 = 58.6210 roubles)

Reporting by Andrew Osborn; Editing by Susan Fenton and Andrew Heavens

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