Weak Q3 For Gazprom

摘要

Russia's gas giant Gazprom posted net profit of Rb 113,1 billion ($4.6 billion) for the third quarter of 2007, down 6.4% from a year earlier. Revenues in the quarter increased 5.4% on the year to Rb 516.2 billion ($20.95 billion), Gazprom said in its IFRS financial statement.rnThe third-quarter results were in line with analyst expectations and reflect seasonal weakness and relatively warm weather during the period.rn"The third quarter is normally the weakest for Gazprom and sales volumes have picked up strongly in the fourth quarter of 2007," Renaissance Capital said in a note February 22. "We expect much stronger performance in the fourth quarter of 2007."rnAnalysts at Citigroup had a similar view. Fourth quarter numbers are likely to be strong, they said, driven by a recovery of gas demand in Europe and Russia and a "much improved gas price environment," the group said in a research report.