Russia's Gazprom Neft Q1 net profit falls 42% y/y to $1.2 billion

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)