Gazprom's net profit for third quarter of 2016 beat expectations at $1.7 billion

Baku, January 19, AZERTAC

Russia's Gazprom's net profit for the third quarter of 2016 beat expectations at 102.2 billion rubles ($1.7 billion), the company announced on Thursday.

The Russian gas exporter said its net gas sales to Europe increased by 28 percent, which partially compensated for the 20 percent decrease in the average Russian ruble prices.

However, the company's gas exports to former Soviet Union countries decreased by 19 percent, and in the Russian Federation it decreased by 7 percent.

The company said that due to the lower natural gas prices in the global gas market, its net income decreased by 13 percent to 570 billion rubles in the third quarter of 2016, compared to the same period of 2015.

Gazprom supplies more than 30 percent of Europe's gas demand.

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