Russia's Gazprom posts 45pc fall in Q3 net profit on lower export prices, volumes

• Gazprom, the world's top conventional gas producer, said its total sales were 1.6 trillion roubles in the third quarter.
• Gazprom has supplied 53.5 bcm to Europe and destinations other than Russia and the ex-Soviet Union in the third quarter.
• Gross revenue from gas supplies to Europe and destinations, excluding Russia and ex-Soviet countries.

MOSCOW: Russian state gas producer Gazprom on Friday posted a third-quarter net profit of 212 billion roubles ($3.32 billion), down 45pc from the same period a year ago on lower export volumes and weaker gas prices in its core European market.

Gazprom, the world's top conventional gas producer, said its total sales were 1.6 trillion roubles in the third quarter, down from 1.9 trillion in the same period a year ago.

Gross revenue from gas supplies to Europe and destinations, excluding Russia and ex-Soviet countries, was 587 billion roubles, down 37pc year-on-year, as average gas prices dropped to $169.8 per 1,000 cubic metres (cm) from $250.8 per 1,000 cm in the third quarter last year. Sales volumes were also down.

State-controlled Gazprom is launching its Power of Siberia gas pipeline to China on Dec. 2, which will deliver 38 billion cubic metres (bcm) of gas to China per year when it gradually reaches its full capacity by 2025.

Gazprom has supplied 53.5 bcm to Europe and destinations other than Russia and the ex-Soviet Union in the third quarter, down from 56.9 bcm in the same period a year ago, it said.

Its net debt was 2.86 trillion roubles at the end of September.