Russia’s key gas exporter announces 41% profit fall

MOSCOW (AP) — Gazprom has announced that its profit for 2022 plunged by more than 40% and said it would not pay a full-year dividend. The news on Tuesday sent shares in the state-owned natural gas company that is a pillar of Russia’s economy down about 4% on the Moscow stock exchange. The state owns slightly more than 50% of the company. Profits for the year were 1.226 trillion rubles ($15.4 billion). The company cited a windfall imposed last year to boost the government’s coffers as the reason for the decline. But Gazprom also has lost most of its European customers amid the conflict in Ukraine and has tried to bolster its export business with increased supplies to China and other markets.