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Gazprom profit disappoints, increased by weak rouble

Gazprom profit disappoints, increased by weak rouble
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The world’s largest gas producer, Russia’s Gazprom, has reported second quarter net profit up by 13 percent, boosted by foreign exchange gains because of the weak rouble.

That was short of analysts’ expectations.

Net profit was 227.6 billion roubles (4.4 billion euros) up from 202 billion roubles for the same period of last year.

Gazprom said it doesn’t think Western sanctions over the Ukraine crisis will have “a significant impact” on its financial situation or operations.

The company said it had to set aside 215.8 billion roubles (4.18 billion euros) in the first six months of the year due to Ukraine’s gas debt.

Gazprom which supplies around a third of Europe’s gas needs, said it would continue to evaluate sanctions’ effect.

with Reuters