Gazprom issued its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) for the three months ended March 31, 2019.
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Profit attributable to owners of PJSC Gazprom amounted to RUB 535,908 million for the three months ended March 31, 2019 which is by RUB 164,285 million, or 44%, more than for the same period of the prior year.
Sales (net of excise tax, VAT and customs duties) increased by RUB 153,490 million, or 7%, to RUB 2,291,821 million for the three months ended March 31, 2019 compared to the same period of the prior year.
The increase in sales was mainly due to an increase in sales of gas to Europe and other countries and sales of crude oil and gas condensate and refined products.
Net sales of gas increased by RUB 83,298 million, or 7%, to RUB 1,303,823 million for the three months ended March 31, 2019 compared to the same period of the prior year that was mainly due to an increase in average prices in the segment “Europe and other countriesâ€.
Net sales of gas to Europe and other countries increased by RUB 79,089 million, or 10%, to RUB 837,396 million for the three months ended March 31, 2019 compared to the same period of the prior year.
The change was due to the increase in average prices (including excise tax and customs duties) denominated in the Russian Ruble by 30% that was partially compensated by the decrease in volumes of gas sold by 13% or 9.1 bcm.
At the same time average prices denominated in US Dollar increased by 12%.
Net sales of gas to Former Soviet Union countries increased by RUB 6,018 million, or 5%, to RUB 117,497 million for the three months ended March 31, 2019 compared to the same period of the prior year.
The change was due to the increase in average prices (including customs duties) denominated in the Russian Ruble by 25% (average prices denominated in US Dollar increased by 8%).
At the same time, volumes of gas sold decreased by 13%, or 1.9 bcm.
Net sales of refined products (net of excise tax, VAT and customs duties) increased by RUB 37,365 million, or 8%, to RUB 506,909 million for the three months ended March 31, 2019 compared to the same period of the prior year.
The increase in net sales of refined products was mainly due to an increase in average prices denominated in the Russian Ruble in all geographic segments.
Net sales of crude oil and gas condensate (net of VAT and customs duties) increased by RUB 39,917 million, or 27%, to RUB 190,389 million for the three months ended March 31, 2019 compared to the same period of the prior year.
The increase in sales of crude oil was mainly due to an increase in average prices denominated in the Russian Ruble in all geographic segments and an increase in Gazprom neft Group sales volumes to customers in Europe and other countries and in the Russian Federation.
Operating expenses increased by RUB 130,870 million, or 8%, to RUB 1,782,216 million for the three months ended March 31, 2019 compared to the same period of the prior year.
The increase in operating expenses is primarily explained by a change in the item “Foreign exchange rate differences on operating itemsâ€.
Foreign exchange rate loss on operating items amounted to RUB 47,251 million for the three months ended March 31, 2019 compared to the foreign exchange gain in the amount of RUB 18,612 million for the same period of the prior year. ■