Bloomberg News

Gazprom Sees 2011 Profit Climbing 25% to $40 Billion on Prices

December 28, 2011

Dec. 27 (Bloomberg) -- OAO Gazprom, the world’s biggest gas producer, expects to boost profit about 25 percent this year on higher prices and demand.

Net income may rise to about $40 billion from $32 billion last year, Chief Financial Officer Andrey Kruglov said today in an interview posted on the Moscow-based company’s website. Gazprom may have annual profit of $42 billion, according to the average estimated of 11 analysts surveyed by Bloomberg News.

Sales to Europe, the gas export monopoly’s biggest market by revenue, are expected to rise next year, Kruglov said.

This year, total debt may rise “insignificantly” to $48 billion, Kruglov said.

Gazprom, Russia’s biggest company, increased first-half net income under international standards 56 percent to 772 billion rubles ($25 billion) from a year earlier.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net


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