Gazprom reports a net profit of $1.72bn for the third quarter, compared to a loss of $1.2bn a year ago

Gazprom, Russia's largest energy company, announced on Friday that it had a net profit of $1.72 billion for the third quarter, compared to a loss of 53 billion dollars a year earlier, when the company was hit with a one-time tax.

The government's decision to lower the tax burden for the company was a major factor in the financial results. After the start of the conflict between Ukraine and the EU, the company lost its main source of revenue, the European Gas Pipeline Market.

Interfax, a news agency, polled analysts and found that the net profit was below expectations. They expected it to be 200 billion dollars.

Gazprom shares rose by 1.13% to 125.46 Rubbles at the Moscow Stock Exchange after the results were released.

The revenue for the third quarter was 2.18 trillion Russian roubles. This is down from 2.4 billion roubles one year earlier.

Net income for the first nine-month period of the year increased by nearly 13% compared to the same period last year. It reached 1.12 trillion Russian roubles.

(source: Reuters)