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Gazprom's Q1 profit boosted by higher sales

Russian integrated oil and gas company PJSC Gazprom reported a first-quarter profit attributable to the company's shareholders of 535.91 billion Russian rubles, up 44% from 371.62 billion rubles during the same quarter in 2018.

According to a May 30 release, sales for the period rose 7% year-on-year, with 2.29 trillion rubles reported for the first quarter compared to 2.14 trillion rubles for the first quarter of 2018. Gazprom attributed the rise to an increase in gas sales to Europe and other countries as well as higher sales for its crude oil, gas condensate and refined products.

The bulk of the company's sales came from gas. Net sales of gas came in at 1.30 trillion rubles in the first quarter, compared to 1.22 trillion rubles during the corresponding quarter in 2018. The company said this was due to an increase in average prices in Europe and other countries.

On the other hand, in terms of volume, Gazprom reported 158.9 billion cubic meters of gas sold in the first quarter compared to the 173.8 billion cubic meters sold a year ago.

As of May 29, US$1 was equivalent to 65.18 Russian rubles.