Gazprom profits boosted by weak rouble
http://www.bbc.co.uk/news/business-33849158 Version 0 of 1. Russian energy giant Gazprom has announced a sharp rise in profits thanks in large part to a weak rouble. Net profit for the first three months of the year was 382bn roubles ($5.9bn; £3.8bn), up 71% on a year earlier. Total sales rose 6% to 1.65tn roubles. Gazprom sells its gas in dollars, so a weak currency means the price of gas in roubles rises. The weak rouble helped to offset a fall in the volume of sales of almost 10%, to 132bn cubic metres of gas. This fall was partly due to sanctions imposed by the West following Russia's actions in the Ukraine. It meant Gazprom shares were down almost 2% in trading in Moscow despite the jump in quarterly profits. With the price of oil - which is a key determinant of the price of gas - back below $50 a barrel, many analysts believe Gazprom results for the rest of 2015 will be weaker than the first quarter. |