Russian gas company Gazprom announced that it has recorded slightly lower net profit in the second quarter of 2016 due to higher costs and lower gas prices. According to the company’s statement, its net profit dropped by 5 % compared to the same period last year and amounted to 5.05 billion euros.
The company’s turnover increased a little over 5 % in the second quarter and reached 24.29 billion euros. Gazprom is one of the largest natural gas producers in the world, it meets about a third of European gas demand, and the company was hit by a drop in gas prices, partially linked to the downwards trend in oil prices.
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Tags: financial, gas, Gazprom, Region, Russia