Russian energy company Gazprom's third-quarter net profit hit a record level of 581.8 billion rubles, the company announced on Monday.
Its net income increased by 70% in the third quarter compared to the same period last year to 2.4 trillion rubles.
The company, which lost 251 billion rubles in the third quarter of last year, hit a record with its profit of 581.8 billion rubles (approximately US$7.8 billion) in the same period of this year.
Gazprom Deputy Chief Executive Officer, Famil Sadygov, commented in the statement: 'Our natural gas shipments to Europe will be at a significantly higher price in the fourth quarter, which will positively affect our year-end financial results.'
After the financial results announcement, Gazprom shares gained more than 3.5% on the Moscow stock exchange.
Gazprom's natural gas export revenue declined to $25.2 billion in 2020, down by 39.6% compared to the previous year.
Reporting By E. Gurkan Abay in Moscow
Writing By Murat Temizer
Anadolu Agency
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