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Gazprom Cuts 2012 Income Forecast
9.02.2013 21:20
Gazprom Cuts 2012 Income Forecast
Photo Credit: http://commons.wikimedia.org by Andrey Ivanov

Gazprom’s 2012 net income is expected to be just $38 billion, down 15 percent, according to the Interfax news agency.


      
The gas giant has lost in revenues due to shrinking exports to Europe and Ukraine, says Grigory Birg, an analyst with Investcafe.

      
The corporation’s financials will turn out to be poor, compared to 2011. Full-year earnings were 5.1 percent down, totaling just $150 billion, EBITDA fell 19.4 percent to $53 billion, and net income dropped 15 percent to $38 billion. 

      
In 2012, Gazprom’s share on the European market shrank from 27 to 25.6 percent. Also, its clients are pushing the gas corporation for discounts.



Author: Mikhail Vesely

Tags: Gazprom Russia's gas reserves    

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