Gazprom beat forecasts with a third-quarter profit of 102.2 billion roubles ($1.7 billion), the Russian gas exporter said today.
The Kremlin-controlled company benefited from a stronger rouble, which affects the valuation of foreign currency loans, helping it rebound from a loss of 2 billion roubles a year earlier.
Analysts polled by Reuters had expected a profit of 100.2 billion roubles for the three months from July to September.
The company said its third-quarter sales fell to 1.26 trillion roubles from 1.29 trillion a year earlier as gas sales to Europe, Gazprom's key market, edged down to 570 billion roubles due to lower rouble-denominated prices.
Gazprom supplies more than a third of Europe's gas.
Last year, its gas exports to Europe and Turkey jumped by 12.5% to an all-time high of 179.3 billion cubic metres, as buyers capitalised on lower gas prices, which are pegged to oil prices with a lag of six to nine months.
