Warm winter slashes Gazprom profits

Analysis

Russian oil and gas giant Gazprom is blaming higher than expected operating costs for a dramatic drop in profits. Second quarter profits for this year fell 25% to more than $4 billion.

The profit figures were more than a $1 billion below the forecasts from analysts. The fall comes despite a 30% increase in Q3 sales to former Soviet republics, due to higher prices. Gazprom says higher than expected operating costs are the main reason for the poor results. (russiatoday)

ADVERTISEMENT

Chemark Inaugurates EUR 13 mln Pesticides Plant Crops

Chemark Inaugurates EUR 13 mln Pesticides Plant

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Higher Sugar Prices Raising Holiday Candy Costs Retail

Higher Sugar Prices Raising Holiday Candy Costs

Hungarian Tourism in Croatia Returning to Pre-pandemic Level... Tourism

Hungarian Tourism in Croatia Returning to Pre-pandemic Level...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.