OGZPY PJSC Gazprom (PK)

By James Marson

MOSCOW--Russian state-controlled gas giant PAO Gazprom said Thursday it posted a net profit of 102 billion rubles ($1.6 billion) in the third quarter of 2016 after a foreign-exchange loss had pushed it into the red in the same period of 2015.

Revenue for the quarter fell 3% to RUB1.26 trillion, while operating expenses grew 21% to RUB1.14 trillion.

Gazprom said gas volumes sold to Europe, its most-lucrative market, increased by 28% in the first nine months of the year, boosting revenue even as the price fell. Sales volume in Russia sank by 7% and those to former-Soviet countries were down 19%, the company said.

The company has faced increased competition in the domestic market in recent years, and sales to Ukraine have shrunk amid a conflict.

Write to James Marson at James.Marson@wsj.com

(END) Dow Jones Newswires

January 19, 2017 03:32 ET (08:32 GMT)

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