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Gazprom’s Profit Grew by Approx. 50% in Past Six Months

Russian state oil company Gazprom’s net profit has grown by approximately 50% in the past six months, amounting to 691 billion rubles, compared to the same period of 2014.

Gazprom’s impressive profit boost can be observed in its latest financial report for June 2015.

The rise in Gazprom’s revenue is partly connected with the Russian currency ruble’s drastic devaluation vis-à-vis foreign currencies. Gazprom’s net profit based on the currency divergence amounted to 85 billion rubles in the first half of 2015, compared to the almost 48 billion loss experienced by the company a year earlier.

The company’s revenue for the first half of this year has risen by 2% to constitute 2,9 trillion rubles. Whereas, the sold gas quantity has fallen to 221 billion cubic meters in comparison to the previous 242 billion cubic meters of the same period last year.

According to the 2015’s first six months data, Gazprom Bank that is part of Gazprom company was hit by a record loss of almost 23 billion rubles. This happened because the bank had been creating reserves to protect its interest rates from devaluating.

In 2014, Gazprom’s profit had shrunk almost seven times compared to the previous year and constituted157 billion rubles.