Russia's Gazprom says H1 net income more than tripled to $10.9 billion
Gazprom moves to Q2 net income from year-earlier loss
Improving oil trade, gas exports boosted results
A rise in Sakhalin Energy's stake also boosted earnings
Adds detail, comments from deputy CEO in paragraphs 3, 4
MOSCOW, Aug 29 (Reuters) -Kremlin-owned gas giant Gazprom GAZP.MM said on Thursday its first-half net income more than tripled from a year earlier to more than 1 trillion roubles ($10.9 billion), thanks to rising gas exports and cost controls.
Gazprom plunged to a net loss of around $7 billion in 2023, its first year in the red since 1999, as its gas trade with Europe, once its main sales market, dwindled due to the military conflict in Ukraine.
Deputy CEO Famil Sadygov also said on Gazprom's Telegram channel that core earnings in the January to June period rose 19% year on year to 1.459 trillion roubles due to an improving oil trade and a rise in gas exports, including to China.
He added that a rise in Gazprom's stake in the Sakhalin Energy oil and gas project in Russia's Pacific also boosted its financials, while adjusted net profit, the base for the dividend payment, reached 779 billion roubles for six months.
Gazprom said it swung to a second-quarter net income of 389.7 billion roubles from a loss of 18.6 billion roubles a year before.
Russia has continued to diversify its trade away from the West, which has imposed numerous unprecedented sanctions against Russian business and individuals over the conflict with Ukraine, and cemented its ties with Asia, notably China.
Gazprom's CEO Alexei Miller said earlier on Thursday that the group increased natural gas exports to China by 37% in the first eight months of the year.
Reporting by Vladimir Soldatkin; Editing by Toby Chopra and Jan Harvey
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