Gazprom's income tops all forecasts

Gazprom's income tops all forecasts

Russia's gas giant Gazprom said its first-quarter net income rose 11% to 371.6 billion rubles ($6 billion), thanks to higher gas prices and sales volumes, beating analysts' expectations.

Analysts polled by Reuters had on average expected Gazprom's net income to come in at 338.3 billion rubles.

Gazprom said its revenues from gas sales to Europe jumped by 28% in January-March as prices rose by 17%, while sales volumes increased by 9%.

Gazprom said its total sales in January-March increased by 18% to 2.14 trillion rubles.