Gazprom Q2 profit falls on higher cost

Russian gas giant Gazprom on Monday said net profits in the second quarter plunged 17 per cent due to higher operating costs which offset a hike in revenues.

The state-run behemoth posted a net profit of 245 billion roubles (€3.4 billion, $3.8 billion) between April and June, which exceeded forecasts by analysts interviewed by Russia’s Interfax news agency. Gazprom saw its running costs jump by 16 per cent and was hit by changes in currency exchange rates. However, the company was helped by a higher-thanexpected turnover of 1.327 billion roubles.