UPDATE: Gazprom swings to 1.58 tln rbl IFRS net profit in Jan–Sep

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MOSCOW, Nov 29 (PRIME) -- Russian gas giant Gazprom posted a net profit of 1.58 trillion rubles in January–September after a 202.2 billion ruble loss in the same period of 2020, as calculated under International Financial Reporting Standards (IFRS), the company said in a report on Monday.

Profit attributable to Gazprom’s shareholders amounted to 1.55 trillion rubles against a 218.4 billion ruble loss in the same period of 2020.

Sales revenue rose 60% to 6.7 trillion rubles.

The company’s net debt decreased 10% in the period to 3.485 trillion rubles as of September 30.

Gazprom said in its Telegram channel, citing Deputy CEO Famil Sadygov, that the net debt to EBITDA ratio decreased to 1.2x and will fall to 1x until the end of 2021.

The company’s dividend base amounted to 1.407 trillion rubles in January–September and will rise in the entire 2021, it added.

Gazprom also said in the report that it increased its capital expenditures outlook for 2021 to 2 trillion from 1.8 trillion.

The average price of exports to Europe almost doubled on the year to U.S. $241 per 1,000 cubic meters in January–September, and almost tripled to $313.4 in July–September, the company said.

(75.5873 rubles – U.S. $1)

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