Gazprom issued its unaudited consolidated interim condensed financial information in accordance with IAS 34 for the nine months ended September 30, 2014. Net profit fell to 105.7 billion rubles ($1.56 billion) from 276.1 billion rubles in the third quarter of 2013. Revenue dropped 6% to 1.13 trillion rubles
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Total sales (net of excise tax, VAT and customs duties) increased by RUB 234,854 million, or 6%, to RUB 4,007,522 million in the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013.
Net sales of gas decreased by RUB 39,981 million, or by 2%, to RUB 2,084,404 million in the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013.
For the nine months ended September 30, 2014 net sales of gas to Europe and other countries increased by RUB 2,775 million, or 0%, to RUB 1,227,090 million compared to the nine months ended September 30, 2013. This change was primarily due to an increase in average prices in RUB terms (including customs duties) by 3%, which was partially compensated by the decrease in volumes of gas sold by 3%, or 4.3 bcm.
Net sales of gas to FSU countries increased by RUB 15,237 million, or 5%, to RUB 304,952 million in the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013. The change was due to an increase in average prices in RUB terms (including customs duties) by 20% and a decrease in volumes of gas sold by 13%, or 5.5 bcm.
Net sales of gas in the domestic market increased by RUB 15,437 million, or 3%, to RUB 552,362 million in the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013. This is primarily explained by the increase in the average domestic price for gas by 11%, which was partially compensated by the decrease in volumes of gas sold by 8%, or 12.9 bcm.
Net sales of refined products increased by RUB 224,419 million, or 22%, to RUB 1,226,510 million in the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 due to an increase in volumes sold by Gazprom neft Group to customers in the Russian Federation as well as by an increase in prices.
Net electric and heat energy sales increased by RUB 40,969 million, or 16%, to RUB 291,941 million in the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013. The increase was mainly driven by inclusion of OAO Moscow Integrated Power Company (OAO MIPC) in the consolidated financial statements from September 2013.
Operating expenses increased by RUB 421,983 million, or 16%, to RUB 3,018,824 million in the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013. ■