27 October 2016

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Bloomberg: Gazprom quarterly profit falls 5.2% amid gas-price fecline

Gazprom PJSC, the world's biggest natural gas producer, said first-quarter profit decreased 5.2% as expenses climbed amid lower prices for the fuel, according to Bloomberg.


Net income fell to 362 billion rubles ($5.6 billion) from 382 billion rubles a year earlier, the Moscow-based company said Monday in a statement, Bloomberg wrote.

That compares with an estimated 363 billion rubles, according to a Bloomberg survey of analysts. Revenue rose 5.4% to 1.74 trillion rubles.

Gazprom asks Ukraine to boost gas transit due to Nord Stream repairsGazprom is struggling as oil's slump weighs on export prices for its gas, which are linked to crude under some contracts. The company's average June export price was the lowest since 2007, according to Bloomberg calculations based on Russian customs data.

Gazprom may lower its production to a record this year as demand slows in Russia and Ukraine, according to Russian government estimates in July.

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