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June 23, 2017

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Gazprom first-half profits plunge by 34 percent to US$16.2 billion

MOSCOW -- The world's largest gas company Gazprom on Friday announced a 34-percent drop in net profits for the first half of 2012 to US$16.2 billion as sales in its core markets dropped and expenses increased.

Gazprom said in a statement that its net profit for the first half was 508.7 billion rubles (US$16.2 billion) compared with 771.7 billion (US$26.6 billion) in the same period last year, with total sales falling 5 percent to 2.23 trillion rubles (US$71.1 billion).

Income was squeezed by a 15-percent fall in net sales of gas to 1.24 trillion rubles (US$39.7 billion) although a 10-percent drop in sales to European markets was partially compensated by currency factors.

Sales of gas to the former Soviet Union region however plunged by a sharp 23 percent, the company said.

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