Gazprom Reports 9.5 Percent Drop in 2012 Profit on Waning Demand, Rising Costs

Bloomberg reported that Gazprom’s 2012 profits fell by 9.5 percent in the midst of rising costs and dwindling European demand.

As quoted in the Bloomberg report:

Net income fell to 1.18 trillion rubles ($38 billion) from 1.3 trillion a year earlier, the Moscow-based company said in a statement today. Revenue rose 2.7 percent to 4.76 trillion rubles, as higher gas prices compensated for declining exports.

To view the whole Bloomberg report, click here.