Russian gas giant Gazprom has reported a 5 per cent rise in first-quarter net profit, reflecting a recovery in gas exports to Europe. Gazprom said its profit rose to 381 billion roubles (€8.6 billion) from January to March, up from 361.4 billion roubles a year ago.

Net sales of gas to Europe stood at 428bn roubles – 11 per cent up on a year ago. Volumes also increased 6 per cent to 45.4bn cubic metres.

Rising gas demand in Europe, its main export market, and falling indigenous production in the continent are combining to improve Gazprom’s business outlook.

Figures released by the company showed its exports of gas to Europe in the first eight months of the year were 105.2bn cm, compared with 91.9bn cm a year ago – up 14.5 per cent. – Copyright The Financial Times Limited 2013