Gazprom profits down

RUSSIA / FSU POLITICS - In Brief 01 Sep 2020 by Alex Teddy
On August 31 Gazprom published worrying figures. The gas giant showed that its profit is 25 times lower in Q1 and Q2 2020 than it was in Y o Y. Its profit was only USD 447 million. Its turnover is down by a third. Much of the turnover covers the cost of doing business and maintaining its infrastructure. Energy companies have been hit hard by coronavirus. The fall of the RUB has made it a double whammy for Russian energy.In Q1 Gazprom lost RUB 116 billion. In Q2 it made a profit of RUB 149. Gas prices are down and the EU is buying 16% less than before Y o Y. Gazprom admits that the outlook is bleak. Nevertheless the company has made a profit which is more than can be said for some competitors. The company is quietly confident that Q3 will be rosier than Q2 as lockdown is easing and a vaccine seems to be close.

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