Bloomberg News

ChelPipe’s 2011 Profit Falls 90% on Higher Costs, Gazprom’s Cuts

July 03, 2012

ChelPipe, the Russian pipemaker controlled by Andrey Komarov, said profit fell 90 percent last year as OAO Gazprom cut large-diameter pipe purchases and costs rose.

Net income was 496 million rubles ($15 million) compared with 4.78 billion rubles a year earlier, ChelPipe said in a statement on its website. Revenue rose 33 percent to 114 billion rubles.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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