Gazprom 2011 net profit up 35%

Russian gas giant Gazprom saw 2011 IFRS net profit jump 35 percent year-on-year to 1.307 trillion rubles ($44.6 billion), the company said on Friday. That was above a consensus forecast of analysts polled by RIA Novosti who expected a net profit at 1.26 trillion rubles. Revenue rose 28.9 percent last year to 4.637 trillion rubles, while diluted earnings per share grew 35 percent to 56.95 rubles ($1.95). The company's net gas sales grew 29 percent to 2.815 trillion rubles. Operating profit soared 48 percent to 1.657 trillion rubles compared with 2010. The company's adjusted EBITDA increased 41 percent to 1.930 trillion rubles. Net debt amounted to 1.035 trillion rubles, up 19 percent year-on-year. Gazprom's net debt/EBITDA ratio went down to 0.54 last year from 0.64 compared with 2010. In 2011 the gas giant produced about 513 billion cubic meters of gas, a 0.9 percent increase year-on-year, while this year the company expects gas production at 529.5 billion cu m.