Gazprom Reports Net Profit Down
Fahad Shabbir (@FahadShabbir) Published August 10, 2016 | 01:51 PM
MOSCOW, (APP - UrduPoint / Pakistan Point News - 10th Augst,2016) : Russian gas giant Gazprom on Wednesday announced a five percent fall in net profits in the first quarter of this year, as lower gas prices meant it failed to cover growing expenses.
From January to March the state-run behemoth registered a drop in profits to 362 billion rubles ($5.6 billion, 5 billion Euros) from 382 billion rubles in the same period last year, a statement said.
The world's largest gas company -- which supplies around a third of Europe's gas -- has been hit by a drop in gas prices linked in part to the falling price of oil.
The drop in profits comes despite a rise in overall revenues to 1.74 trillion rubles, up just over 5 percent from 1.65 trillion rubles for the first quarter of 2015.
The overall volume of gas sold increased 9 percent to 144 billion cubic metres of gas. The volume shipped to the key markets of Europe and Turkey rose by 49 percent but the net value of those sales only rose 22 percent.
The volume of sales to other former Soviet nations fell by 16 percent, due in part to Ukraine turning its back on Russian supplies against the backdrop of its broader feud with Moscow.
Related Topics
Recent Stories
Attaullah Tarar’s success notification from NA-127 challenged
PSX witnesses positive trend today
PM Shehbaz meets CJP Isa to address IHC judges’ concerns
Pakistan vows to bring to justice perpetrators, abettors of Bisham terrorist att ..
May 9 riots: SC allows conditionally to military courts to deliver reserved verd ..
Interior Minister arrives in Peshawar after Shangla suicide attack
OPPO Reno 11 F 5G: Setting New Records as Pakistan's Most Beloved Smartphone Lin ..
PCB dismisses FICA's claims of unpaid dues in PSL
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 March 2024
Today Gold Rate in Pakistan 28 March 2024
Niger says US to submit plan to 'disengage' troops
Venezuelan opposition registers unknown poll contender after obstacles
More Stories From World
-
Four killed in German motorway bus accident
7 minutes ago -
French bill seeks to ban hair discrimination affecting black women
17 minutes ago -
Gabon's post-coup reform efforts under fire
37 minutes ago -
Meet China's first corgi police dog
1 hour ago -
Singapore sees sharp decrease in PE investment last year
1 hour ago -
China's role model selection for Q1 2024 kicks off
1 hour ago
-
Australians tighten belt as higher grocery prices bite: survey
1 hour ago -
ChiNext Index closes higher Thursday
1 hour ago -
China to improve management of midwife service
2 hours ago -
China to lift anti-dumping tariffs on Australian wine
2 hours ago -
Seoul bus drivers' strike ends with wage agreement
2 hours ago -
Revolt at Ecuador jail where powerful gang leader escaped
2 hours ago