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The original was posted on /r/worldnews by /u/ChocolateTsar on 2024-05-03 22:27:21.
Russia’s Gazprom posts first annual loss in 20 years as sales to Europe collapse
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.cnn.com/2024/05/03/business/gazprom-posts-first-loss/index.html
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
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.
According to Reuters’ analysis, it was Gazprom’s first annual loss since the late 1990s or early 2000s, around the time Alexei Miller, an ally of President Vladimir Putin, took over the company in 2001.
The company, now headquartered in St. Petersburg, made heavy losses in the late 1990s after it racked up foreign-currency debt, inflated in ruble terms by the financial crisis of 1998.
Gazprom, which enjoys a monopoly on piping gas abroad and has an oil unit, has also been the highest-profile target of sweeping Western sanctions.
According to Reuters’ calculations, the company’s natural gas supplies to Europe plummeted 55.6% to 28.3 billion cubic meters last year.
The EBITDA was the worst in 22 years, said Ronald Smith from Moscow-based brokerage BCS Global Markets.
The original article contains 283 words, the summary contains 142 words. Saved 50%. I’m a bot and I’m open source!