Russian energy giant Gazprom is lifted by weak rouble as it reports a sharp rise in Profits :: Social Digital Signage Solution

Russian energy giant Gazprom is lifted by weak rouble as it reports a sharp rise in Profits

() - Russian energy giant Gazprom has announced a sharp rise in profits thanks in large part to a weak rouble.

Net profit for the first three months of the year was 382bn roubles ($5.9bn; £3.8bn), up 71% on a year earlier. Total sales rose 6% to 1.65tn roubles.

Gazprom sells its gas in dollars, so a weak currency means the price of gas in roubles rises.

The weak rouble helped to offset a fall in the volume of sales of almost 10%, to 132bn cubic metres of gas.

This fall was partly due to sanctions imposed by the West following Russia's actions in the Ukraine.

It meant Gazprom shares were down almost 2% in trading in Moscow despite the jump in quarterly profits.

With the price of oil - which is a key determinant of the price of gas - back below $50 a barrel, many analysts believe Gazprom results for the rest of 2015 will be weaker than the first quarter.