Operating profits also fell by 36 percent to 293.4 billion roubles and total gas sales were down 34 percent year-on-year. Total sales of gas decreased to 865.6 billion roubles from 1.3 trillion roubles in 2019.
“The change was mainly due to a decrease in average prices and volumes of gas sold in the Europe and other countries segment,” Gazprom said.
Net loss “mostly on paper”
Commenting the company’s results, Gazprom’s Deputy Chairman Famil Sadygov said the net loss “exists mostly on paper” as it is mainly attributable to a drop in the value of the rouble that followed a decline in global oil prices.
Excluding foreign exchange losses, Gazprom would have posted a 288 billion rouble net profit in the first quarter, Sadygov said. He added that the gas giant would rather include this profit in the calculation of its dividends for 2020 then the net loss.
To read the news in Russian.
Author: Mirza Duran
