Weaker gas prices pull down profits: Gazprom

Russian gas giant Gazprom on Wednesday announced a drop in first-quarter profits on the back of weaker gas prices in Europe, but the damage for the energy mammoth was less than expected.

Between January and March, the state-owned behemoth saw net profits fall by eight percent compared to the same period a year ago to 333 billion rubles ($5.87 billion, 5.3 billion euros).

Analysts quizzed by the Interfax news agency had predicted a steeper fall in profits.

Overall sales meanwhile grew by four percent to 1.815 trillion rubles ($32 billion, 28.7 billion euros), mainly on the back of "an increase in sales of crude oil and refined products," the company said.