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Moscow — Kremlin-owned gas giant Gazprom plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, as sales to Europe plummeted in the wake of Russia’s war in Ukraine. Analysts had expected net income of 447 billion rubles ($4.9 billion) in 2023, according to Interfax news agency. The company made a net profit of 1.2 trillion ($13.1 billion) rubles in 2022, the year Russia launched its full-scale invasion of Ukraine. Russia’s gas exports to Europe, once its primary export market, have slumped largely because of the political fallout from the conflict in Ukraine. The company’s core profit, or earnings before interest, taxes, depreciation and amortization known as EBITDA, dropped to 618.38 billion rubles ($6.7 billion) last year from 2.79 trillion rubles ($30.4 billion) in 2022, according to Reuters’ calculations.
Persons: Alexei Miller, Vladimir Putin, Ronald Smith Organizations: Gazprom, Analysts, Reuters, BCS Global Markets Locations: Moscow, Ukraine, Russia, St . Petersburg, Europe
Kremlin-owned gas giant Gazprom said on Thursday it plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market. Analysts had expected net income of 447 billion rubles, according to Interfax news agency. Gazprom's 2023 loss followed a net profit of 1.2 trillion roubles in 2022. It said on Thursday it made a net loss of 364 billion roubles from sales in 2023, in contrast to a profit of 1.9 trillion roubles in 2022. Its total revenue fell to 8.5 trillion rubles last year from 11.7 trillion in 2022.
Persons: Alexei Miller, Vladimir Putin, Ronald Smith Organizations: Gazprom, Saint Petersburg, Soviet, Analysts, BCS Global Locations: Saint Petersburg, Russia, Europe, Soviet Union, Ukraine, Moldova, St . Petersburg, Moscow
At 0741 GMT, the rouble was 0.9% stronger against the dollar at 61.53 and had gained 0.1% to trade at 60.95 versus the euro . Better-than-expected U.S. jobs data saw the dollar fall on Friday, when the Russian market was closed. "The Russian market is set for a neutral opening, though crude has every chance to drive the market higher," said BCS Global Markets in a note. The rouble-based MOEX Russian index (.IMOEX) was 0.9% lower at 2,176.2 points. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.
Russian rouble firms towards 61 vs dollar
  + stars: | 2022-10-20 | by ( ) www.reuters.com   time to read: +2 min
By 1302 GMT, the rouble was 0.9% stronger against the dollar at 61.17 and had gained 0.1% to trade at 60.35 versus the euro . The rouble is buttressed by a month-end tax period that usually sees export-focused firms convert foreign exchange revenues into roubles to pay domestic tax liabilities. Russian stock indexes were recovering some of the ground lost in the previous session. The rouble-based MOEX Russian index (.IMOEX) was 2.1% higher at 2,019.3 points. For Russian equities guide seeFor Russian treasury bonds seeRegister now for FREE unlimited access to Reuters.com RegisterReporting by Alexander Marrow Editing by Gareth Jones and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.
Russian rouble treads water near 62 vs dollar
  + stars: | 2022-10-20 | by ( ) www.reuters.com   time to read: +2 min
At 0803 GMT, the rouble was 0.1% stronger against the dollar at 61.66 and was unchanged at 60.37 versus the euro . "We expect the moderate strengthening of the Russian currency to continue," said Alor Broker in a note. Register now for FREE unlimited access to Reuters.com RegisterThe rouble is buttressed by a month-end tax period that usually sees export-focused firms convert foreign exchange revenues into roubles to pay domestic tax liabilities. "Amid major uncertainty in Russia no clear trend is yet visible," said BCS Global Markets, expecting consolidation to continue. For Russian equities guide seeFor Russian treasury bonds seeRegister now for FREE unlimited access to Reuters.com RegisterReporting by Alexander Marrow Editing by Gareth JonesOur Standards: The Thomson Reuters Trust Principles.
By 0848 GMT, the rouble was 1.1% stronger against the dollar at 61.41 , hitting its strongest point since Oct. 10. It gained 0.6% to trade at 60.35 versus the euro and firmed 1.6% against the yuan to 8.47 , a near two-week high. Register now for FREE unlimited access to Reuters.com RegisterExport-focused firms usually convert foreign exchange revenues into roubles to pay domestic tax liabilities, which supports the Russian currency. "On the other hand, RTS should power higher on further rouble appreciation – typical for the end-of-the-month tax period." The rouble-based MOEX Russian index (.IMOEX) was 1.3% higher at 1,977.1 points.
By 1217 GMT, the rouble was 0.9% stronger against the dollar at 57.00 , earlier hitting 56.5450, its strongest point since July 22. "For now, the rouble is supported by fears that new sanctions from the West could paralyse dollar trading in Russia," said Alor Broker in a note. STOCKS RECOVERY STUTTERSBCS Global Markets said geopolitical risks should prohibit any major leg up for Russian stock indexes, which pared early gains. The rouble-based MOEX Russian index (.IMOEX) was 1.4% lower at 1,936.0 points, heading back towards February lows hit on Monday. "In the coming days, the Russian market should trade in a narrow band - investors are likely to sit on the fence hoping for more clarity," BCS said.
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