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Russia's Gazprom Q1 profit up YOY amid higher sales

Russian oil and gas company PJSC Gazprom posted higher net income in the first quarter of 2018 from a year ago as sales of gas and refined products rose.

Profit attributable to the owners of the company jumped to 371.62 billion Russian rubles in the three months that ended March 31 from 333.45 billion rubles in the year-ago period.

Sales jumped to 2.138 trillion rubles for the period from 1.815 trillion rubles in the year-ago quarter. The increase was mainly driven by higher sales of gas and refined products.

Operating profit improved to 467.58 billion rubles from 294.05 billion rubles in the year-ago quarter.

Gazprom unit PJSC Gazprom Neft reported first-quarter net profits of 69.7 billion rubles, an increase of 12.4% year on year, with gains attributed to improved market conditions, new projects and increased sales.

As of May 29, US$1 was equivalent to 62.57 Russian rubles.