Gazprom 9-Months Net Profit Falls 18% on Lower Finance Income

By Adria Calatayud Features Dow Jones Newswires

Gazprom PJSC (GAZP.RS) said Thursday that net profit for the first nine months of 2017 fell 18%, on the back of lower finance income, as sales increased.

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The Russian gas giant said net profit for the nine months ended Sept. 30 stood at 581.83 billion Russian rubles ($9.96 billion), down from RUB709.32 billion. The company's finance income more than halved to RUB338.35 billion, which affected the decline in the profit, Gazprom added.

Sales rose by 7% to RUB4.641 trillion, from RUB4.321 trillion, Gazprom said. The increase in sales was mainly driven by higher demand of refined products, crude oil, electric and heat energy and gas transportation, the company added.

Gas sales--the main source of revenue for Gazprom--were nearly flat at RUB2.332 trillion, as the growth of volumes sold was offset by the appreciation of the ruble against the U.S. dollar and the euro, Gazprom said.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

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November 30, 2017 04:36 ET (09:36 GMT)