Gazprom’s profit down in Q2

Russian gas giant Gazprom reported a 17 percent drop in second-quarter net profit reaching 244.9 billion rubles (approx. US$3.7 billion).

The company’s first-half profit also declined from 675.9 billion rubles (approx. $10.4 billion) in 2015 to 607.1 billion rubles (approx. $9.4 billion) during the first six months of 2016.

Gazprom’s operating expenses also jumped during the quarter and the first six months reaching 1.22 trillion rubles (approx. $18.9 billion) and 2.68 trillion rubles (approx. $41.3 billion) for the second quarter and the first half of 2016, respectively.

Sales for the period brought in 1.33 trillion rubles (approx. $2.4 billion), rising 5 percent over the corresponding period in 2015.

Gazprom attributed the sales increase mainly to the increase in gas sales to Europe and other countries.

1 RUB = 0.0154112 USD