Gazprom Q3 net loss $26 million thanks to weak rubleStaff writer ▼ | January 18, 2016
Gazprom swung to a net loss in the three months to end-September amid a slump in the energy sector and a weak ruble.
Gazprom A sharp decline in oil prices
A sharp decline in oil prices, which natural gas prices are tied to, hit the company's results during the period. The decline in crude prices has shaken Russia's economy, which contracted 3.7% last year, according to preliminary government estimates.
Meanwhile, a foreign exchange loss of 400bn rubles also cut into the group's profit and loss statement.
Nevertheless, revenue increased 14% to 1.29trn rubles on high margins for gas sales to Europe. ■