Moscow — Russia’s energy giant Gazprom posted on Friday a net income of 134.2 billion roubles ($1.72 billion) for the third quarter after a net loss of 53 billion roubles a year ago, when it was hit by a one-off tax, the company said on Friday.
The financial results were underpinned by the government decision to ease the tax burden on the company, which effectively lost the European gas pipeline market, once its key source of revenues, following the start of the conflict with Ukraine in February 2022.
The net income came in below analyst forecasts, polled by the Interfax news agency, for it to reach 200 billion.
Gazprom’s shares were up by 1.13% at 125.46 roubles on the Moscow stock market after the results were published.
Revenue for the quarter reached 2.18 trillion roubles, down from 2.4 trillion roubles a year ago.
For the first nine months of the year, net income rose by almost 13% from the same period a year ago to 1.12 trillion roubles.
($1 = 78.1500 roubles)
Reporting by Marina Bobrova and Vladimir Soldatkin; Writing by Maxim Rodionov Editing by Tomasz Janowski and Louise Heavens – Reuters
