Russian gas monopoly OAO Gazprom (GAZP.RS) Friday said nine-month net profit fell 3.4% on the year due to unusually warm weather and rising operating costs.
Net profit under International Financial Reporting Standards totaled RUB426.27 billion, compared with RUB442.30 billion in the year-earlier period. That implies a third-quarter figure of RUB113.1 billion, ahead of a Dow Jones Newswires poll of 10 analysts' estimates, which had seen $4.02 billion.
Revenue advanced 5% to RUB1.66 trillion from RUB1.58 trillion as higher domestic selling prices coupled with ruble appreciation provided a strong tailwind.
Gazprom shares have lost more than 15% so far this year as economic problems in the U.S. prompt investors to sell out of emerging market stocks en masse. They closed Thursday 1.4% higher at $12.65 each in Moscow.