Russia's natural gas monopoly OAO Gazprom (GAZP.RS) said its second-quarter net profit tumbled 35% due to lower demand for gas in Europe and lower prices.
State-controlled Gazprom said net profit under International Financial Reporting Standards for the second quarter of 2009 stood at RUB192.56 billion ($6.64 billion), down from RUB300 billion. Analysts surveyed by Dow Jones Newswires had on average expected a net profit of $5.15 billion.
Revenue for the second quarter was down 16% to RUB708.3 billion from RUB843.4 billion in the same period of 2008.