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.
