Gazprom profits dropped 84 percent
Russian energy company Gazprom’s profits in the fourth quarter of 2008 dropped 84 percent year-on-year, figures from the company show.
Yesterday’s presentation of the company’s audited consolidated financial statements show that fourth-quarter profits down 84 percent year on year, citing over $1 billion in write-downs as it braced for a slowdown in its key domestic power generation market, the Moscow Times reports.
“The negative macroeconomic background characterized by the slump in global oil prices in the second half of 2008 and an ongoing decrease in demand for fuel in export and domestic markets will have a significant impact on the group’s financial results in 2009,” Gazprom said in a
