By Jaime Llinares Taboada
Gazprom PJSC said Friday that it swung to a profit in the first quarter of 2021, boosted by a 31% increase in sales.
The Russian natural gas producer posted a net profit of 465.61 billion rubles ($6.34 billion) in the three months to March, compared with a net loss of RUB108.08 billion a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization soared 38% to RUB700.60 billion, mainly reflecting higher sales.
Gazprom said its gas sales to Europe and other countries increased 59% year-on-year in the first quarter, as realized prices denominated in ruble jumped 33%. Sales to former Soviet countries rose 30%, and sales within Russia were up 23%.
In addition, sales of refined products increased 16%, and revenue from crude oil and condensate surged 51% in January-March from the same period of 2020.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
(END) Dow Jones Newswires
05-28-21 0451ET