Russia’s Gazprom Group Reports First Net Loss in 24 Years
- Drop in gas revenue led to 629 billion-ruble net loss
- Income from oil and power utilities increased last year
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Russia’s state-controlled gas giant reported its first annual net loss since 1999 on falling shipments to Europe and lower prices for the fuel.
Gazprom Group, which also includes oil and power businesses, posted a 629 billion-ruble ($6.84 billion) loss last year compared with net income of 1.23 trillion rubles in 2022, according to an earnings report published Thursday.