Gazprom Q1 net income down 23.2 percent

Gazprom's IFRS net profit plunged 23.2% to RUB 367.6bn (approx. USD 11.32bn) in the first quarter of 2012, RBC reports citing the state-owned monopoly.

Sales were down 7% to RUB 1.22 trillion (approx. USD 37.74bn), and net sales of natural gas dropped 17% to RUB 721.49bn (approx. USD 22.23bn), as Europe-bound gas sales declined 3% to RUB 386.6bn (approx. USD 11.91bn) and CIS sales decreased 30% to RUB 144.33bn (approx. USD 4.45bn).

Gazprom's net debt declined 31% year-on-year to RUB 718.45bn (approx. USD 22.14bn) as of March 31, 2012, after the company paid off a number of long-term and short-term loan, as well as due to currency fluctuations. Capex was down 2.1% to RUB 382.7bn (approx. USD 11.79bn) in Q1.