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Russian energy giant Gazprom sees profits soar


economy

Russian energy giant Gazprom sees profits soar

A weak rouble has helped to boost profits for Gazprom. The Russian energy giant beat expectations with a 71 percent jump in first-quarter net profit to 5.9 billion dollars.

Gazprom sells its gas in dollars, so a weak currency means the price in roubles rises.

That helped to compensate for a dip of almost 10 percent in the volume of sales which was partly due to sanctions imposed by the West following Russia’s actions in Ukraine.

The price of oil is key in determining gas prices. Now that crude has dipped below 50 dollars a barrel analysts believe Gazprom’s profits for the rest of the year will be weaker than the first quarter.

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