First quarter results from Gazprom show that the company is making good money despite the dramatic sales drop in the European market. According to Vedomosti, the company in the first quarter of 2010 sold 22 percent less gas to EU countries compared with the same period in 2009.
At the same time, the company tripled revenues from 110.2 billion RUB in Q1 2009 to 336.85 billion RUB in the same period this year.
Several analysts now conclude that the diversification of the company conducted over the last five years has been successful. Since 2005, Gazprom has invested huge sums in the acquisition of stakes in electricity generation companies and also engaged heavily in the oil industry. That has cost the company big money, but now pays off and secures the energy giant alternative sources of income.
According to the company’s quarterly report, net incomes from transportation of gas increased 96 percent to 25 billion RUB, while sales of electrical energy and heating increased 60 percent to 95 billion RUB year-on-year. Also domestic gas sales increased strongly and brought the company revenues of 75 billion RUB, an increase of 47 percent compared with the same period in 2009.
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