Gazprom's Q1 profit adds 42 pct, to $16.6 billion

AP News
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Posted: Aug 30, 2011 7:29 AM
Gazprom's Q1 profit adds 42 pct, to $16.6 billion

Russia's largest gas producer Gazprom says its profit rose by 42 percent in the first quarter of the year to 478.5 billion rubles ($16.6 billion) on stronger European sales.

Gazprom said in a statement Tuesday its profit for January-March was up from 336.8 billion rubles in the same period a year ago.

The results, which beat analyst forecasts, were driven by gas sales in Europe that rose by nearly 40 percent in that quarter, to 398 billion rubles ($13.8 billion).