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Gazprom quarterly profit falls

Gazprom quarterly profit falls
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Russia’s Gazprom says its net profit for the third quarter of last year was down nearly 11 percent from the same period in 2012

The state-controlled gas export monopoly blamed higher operating costs and foreign exchange fluctuations..

Third quarter profit – at the equivalent of 5.94 billion euros – was however better than energy industry analysts had expected, and earnings were up four percent for the period from January to the end of September.

The company did not report paying any rebates to European clients. Such reimbursements were a drag on results in 2012.

Gazprom did not announce a gas deal with China this week as had been expected. That has been put off at least until May.