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Gazprom 2012 Profit Drops 9.5% on Decline in Natural Gas Demand

OAO Gazprom, the world’s biggest natural gas producer, said profit slumped 9.5 percent last year, the first decline in more than a decade, as European demand fell and operating expenses jumped.

Net income fell to 1.18 trillion rubles ($38 billion) from 1.3 trillion a year earlier, the Moscow-based company said in a statement today. Revenue rose 2.7 percent to 4.76 trillion rubles, as higher gas prices compensated for declining exports.