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News // Companies

Gazprom reported a drop in 1Q profits on the back of weaker gas prices in Europe

31 May 2017 , 18:00Neftegaz.RU544

Gazprom issued on May 31, 2017, its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 Interim Financial Reporting for the 3 months ended March 31, 2017.


Profit attributable to the owners of Gazprom for the 3 months ended March 31, 2017 totaled RUB 333.45 bln ( ($5.87 billion), its 8% less than for the same period of the prior year.


Total sales increased by RUB 77,937 million, or 4 %, to RUB 1,815,301 million ($32 billion).

The increase in sales was mainly driven by an increase in sales of crude oil and refined products.


The total value of gas sales to the key markets of Europe and Turkey fell by 10 %, as a drop in price of 20 % was partially made up by a 13-% increase in the volume sold.


Net sales former Soviet Union countries fell by 13;% to rubles 102.135 bln.

Sales at home fell 7% to rubles 312.255 bln, despite selling 8% more gas, while prices fell just 1%.


Net sales of refined products rose 6%, to rubles 393.663 bln as the average price was higher and Gazprom also sold more.


Crude prices were also up, and sales rose 84%, to rubles 138.837 bln.

Also on the negative side, operating expenses rose 4% to rubles 1.5 trillion.


To read the full story in Russian.


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