Gazprom Q1 Net Profit Drops 23.5%

OAO Gazprom OGZPY reported a 23.5% drop in its first-quarter net profit. Gazprom's quarterly net profit attributable to shareholders fell to 357.84 billion rubles ($11.06 billion), from RUB467.97 billion, in the year-ago period. However, analysts were expecting a net profit of RUB354.04 billion. Its revenue declined 7.0% to RUB1.22 trillion. Gazprom's total gas sales dropped 9.0% to 162.3 billion cubic meters. Gazprom shares fell 2.36% to close at $9.50 yesterday.