Published by Global Banking & Finance Review®
Posted on May 21, 2025
1 min readLast updated: January 23, 2026
Add as preferred source on GoogleGazprom Neft's Q1 net profit dropped 42% to $1.2 billion due to declining sales and foreign exchange losses, amid challenging economic conditions.
MOSCOW (Reuters) -Gazprom Neft, the oil arm of Russian energy giant Gazprom, said on Wednesday its first-quarter net profit dropped 42% to 92.6 billion roubles ($1.2 billion), hurt by declining sales and foreign exchange-related losses.
The company said its sales in the quarter declined by almost 9% to 890.9 billion roubles.
"The dynamics of the company's financial indicators in the first quarter of 2025 were affected by the deterioration of the macroeconomic situation, inflationary pressure and the growth of the tax burden," Gazprom Neft said.
($1 = 79.8955 roubles)
(Reporting by Vladimir Soldatkin and Olesya Astakhova; Editing by Emelia Sithole-Matarise)
Gazprom Neft reported a net profit of 92.6 billion roubles, equivalent to $1.2 billion.
The company's net profit fell by 42% compared to the same quarter last year.
The decline was attributed to a deterioration in the macroeconomic situation, inflationary pressures, and an increased tax burden.
Sales in the quarter declined by almost 9%, totaling 890.9 billion roubles.
The financial results were reported by Vladimir Soldatkin and Olesya Astakhova.
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