Gazprom’s Q1 profits triple to $10.6B on higher gas prices, strong sales

Gazprom’s Q1 profits triple to $10.6B

MOSCOW — Russia’s gas giant Gazprom says its net profit tripled to 324.9 billion rubles ($10.6 billion) in the first quarter of the year as the company capitalized on a cold winter in Europe and higher gas prices.

Revenues rose by 14 percent to 956.8 billion rubles ($31.1 billion) in January-March while sale volumes added 37 percent.

Results were also helped by a 73.3 billion-ruble ($2.4 billion) foreign exchange gain.

Hit by declining oil prices in late 2008 and 2009, Gazprom faced its highest losses in a decade, but an extremely cold winter in Europe and Russia allowed the company to get back on track.