Wintershall Dea’s Net Profit for the Third Quarter Fell by 86%
Wintershall Dea’s adjusted net profit amounted to €61 million; without adjustment, the German company received a loss of €535 million
While the German company is discussing with Gazprom how it can exit its assets in the Russian Federation, the report for the third quarter showed that its net profit has decreased significantly. Wintershall Dea’s adjusted net profit amounted to €61 million, compared to €429 million a year earlier for the same period.
The German company’s net profit for July-August 2023 fell by 86% year on year. The company believes that this is to blame:
Without taking into account the adjustment, the company suffered a loss in the third quarter of €535 million due to impairment of assets and reserves for restructuring totaling €587 million.
I wonder how the German company will compensate for all this and whether it will be able to do so at all? In the Ghasha gas production project in the UAE, where Wintershall has a 10% stake, implementation costs continue to rise. And the Russian business corporation is unlikely to keep its hands on it, since it is actively preparing to leave the country. But there are no new projects.
