November 23, 2017

Gazprom Profits Rise

BBC News informs that Russia’s Gazprom has reported a big rise in three-month profits. Its pre-tax profits for the first three months of the year came in at 591bn rubles, up 40% compared to the same period last year. Gazprom said in a statement that its results were driven by strong core natural gas sales and price increases, while its diversification into power also helped. The figures mean the firm is on course to break its annual profits record, set in 2010. It also increased its volumes sold by 12% over the three-month period. The Russian government has kept a stake of just over 50% in the company, which is seen as a symbol of the country’s welcome of “responsible capitalism”.

Source of the news: Bucharest Herald (Read More)

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