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)

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