OREANDA-NEWS. November 10, 2009. Veles Capital released daily market review:

In 2Q 2009 Gazprom earned paper profit. Net profit of Gazprom by IAS in 2Q 2009 dropped versus the similar period of 2008 by 53.1% to 5.969 bn USD, as it follows from the report of the company. Within the first half year the value of the net profit slipped by 62.8% to 8.917 bn USD. The estimate of the net profit of the second quarter turned out to be higher than the market average and our expectations (5.761 bn USD and 5.4 bn USD respectively), mainly on behalf of the non-recurring paper items.

Rostelecom showed serious drop of profitability in 1H 2009. Sales of Rostelecom in 1H 2009 by IAS formed 32.8 bn RUR versus 31.4 bn RUR within a similar period of the year before. Operating profit reduced by 53% to 2 bn USD. The net profit dropped from 9.8 bn RUR in 1H 2008 to 1.6 bn RUR in 1H 2009.

Mechel gained 219 mn USD of net profit in 2Q 2009 by US GAAP. Mechel group gained 219 mn USD of net profit by US GAAP versus loss a quarter earlier. Totally loss of the first quarter formed 690.7 mn USD. Within the first half year the net loss formed 471.4 mn USD. EBITDA formed 370 mn USD in 2Q 2009, sales – 1.28 bn USD. Net debt of Mechel as of June 2009 formed 5.1 bn USD.