Russian gas company Gazprom recorded a drop of 17 % in net profit in the second quarter of 2016 due to higher operating costs which offset the increase in revenues, said the statement from the company.
In the period April-June 2016, Gazprom recorded a net profit of 3.4 billion euros. The company recorded an increase of operating costs by 16 %, while at the same time it was negatively affected by the changes of the exchange rates. However, these negative effects were partially offset by slightly higher revenues. Gas exports to Europe increased by 36 % in the second quarter, despite the efforts of the European Union to ensure natural gas supply from other sources.
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Tags: financial, gas, gas supply, Gazprom, Region, Russia