Gazprom boosts first-quarter profit 44% despite lower gas sales | Financial Times

Gazprom boosts first-quarter profit 44% despite lower gas sales | Financial Times:

Russia’s state-owned gas giant Gazprom increased its first-quarter net profit by 44 per cent over the previous year as higher gas prices offset lower gas export volumes. 

The company on Thursday reported net profit attributable to its shareholders of Rbs535.9bn ($8.2bn) for the January-March period. Net sales to Europe and other countries increased 10 per cent on the previous year to Rbs837.4bn, it said.

“This is due to average price growth (including excise and export duty) in rouble terms, which was partly compensated by a decline in the volume of sold gas by 13 per cent, or 9.1bn cubic meters,” Gazprom said. “At the same time, average prices rose 12 per cent in US dollar terms.”