Russian Gazprom shows loss for first time in 19 years
For the first time in 19 years, the Russian gas monopoly Gazprom has shown a net loss for a total of nine months straight.
According to Interfax's calculations, based on Gazprom’s data, the amount of the loss was $157.8 million.
Losses in individual quarters are not unusual for Gazprom. But the Russian gas giant has not suffered these kinds of losses in the last 19 years. The last time was in 1998 when Russia experienced an economic crisis. That year the joint-stock company ended the year with a total loss of 45 billion rubles.
Gazprom’s official quarterly financial statements will be published by mid-November. Then the company will comment on the reasons for the losses.
Interfax has been publishing calculations regarding Gazprom’s net profit for 2.5 years. The accuracy of the agency’s calculations has always been confirmed by the company’s reported figures.
For three quarters in 2016 the company made a net profit of 75.418 billion rubles.