: :inin Kyiv (EET)

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 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.

UaPositon

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