Gazprom profits fall 61pc on higher costs

Russian energy giant Gazprom, the world's largest gas firm, Wednesday said its net profit fell 61 percent in the first quarter to 110.2 billion rubles (3.5 billion dollars) due to higher expenses.
It said three months to March sales of gas increased 14 percent from the same period a year earlier as higher prices across the world compensated for drastic falls in export volumes.
At the same time, operating expenses and financial charges rose sharply as the cost of purchased gas soared 174 percent, reflecting an increase in prices for gas from Central Asia.