- Second-quarter net income rose over 60% year-on-year
- Higher oil and gas prices supported second-quarter earnings
- Stronger rouble weighed on first-half financial results
MOSCOW, Aug 28 (Reuters) - Russian gas producer Gazprom's first-half profit reached 864 billion roubles ($10 billion) around 12% lower than a year ago, the company said on Friday, citing the impact of a stronger rouble.
Its second-quarter profit by contrast increased to 518.6 billion roubles, up more than 60% from the same period in 2024, supported by higher oil and gas prices.
The results are for the Gazprom Group whose assets include oil and gas production, as well as power generation.
Gazprom has said it expects an increase in domestic supplies and exports to China to lead to growth of 6% to 7% in core earnings this year.
Because many of its sales are paid for in international currencies, a stronger rouble means its financial results reported in roubles are comparatively weaker.
Once the largest natural gas supplier to the European market, Gazprom has lost most of its European customers since Russia's war on Ukraine, which began in 2022, and deepened economic and political rifts with the West.
($1 = 86.1455 roubles)
Reporting by Anastasia Lyrchikova; Writing by Anton Kolodyazhnyy and Vladimir Soldatkin; Editing by Andrew Heavens and Barbara Lewis
Source: Reuters