Bloomberg News

Gazprom Snaps 2 Days of Gains as CFO Forecasts Earnings Drop

June 28, 2012

OAO Gazprom, Russia’s biggest company by market value, slid for the first time in three days after its chief financial officer said earnings may drop this year.

Gazprom, the country’s natural-gas export monopoly, fell 2.1 percent to 150.69 rubles by the close in Moscow. The stock has lost 17 percent this quarter.

Earnings before interest, taxes, depreciation and amortization may decline to $58 billion this year from $66 billion last year as the government raises extraction taxes, Andrey Kruglov told reporters today in Moscow.

Russia’s Finance Ministry will re-examine the proposed rates of gas tax increases in August, Deputy Finance Sergei Shatalov said today in an interview in Moscow.

To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net; Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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