Russian energy giant Gazprom posted an 11.9 percent fall year-on-year in its IFRS net profit for the first nine months of 2012, to 813.721 billion rubles ($26.8 billion) amid lower gas sales, the company said on Thursday.

Gazprom’s revenues grew by 2 percent in that period to 3.351 trillion rubles.

Gazprom’s financial performance exceeded a consensus forecast of analysts who expected the energy giant’s net profits at 807.867 billion rubles and sales at 3.302 trillion rubles.

Net gas sales for the nine-month period fell by 8 percent on the previous year to 1.829 trillion rubles.

Net sales of gas to Europe and other countries increased by 4 percent to 1.068 trillion rubles. “This change was primarily due to increase of average realized prices in ruble terms (including customs duties) by 9 percent, which was partially compensated for by a decrease in volumes of gas sold by 3 percent or 3.4 bcm,” Gazprom said in a statement.

Net sales of gas to former Soviet Union countries were down, falling 16 percent to 385.644 billion rubles. “The decrease of sales in this segment is explained by the decrease of volumes of gas sold by 23 percent or 14.6 bcm, which was partially compensated by the increase of the average realized prices in ruble terms (including customs duties) by 20 percent.”

Gazprom’s net debt grew by 12 percent in the reporting period to 1.157 trillion rubles as of September 30, 2012. “This increase resulted mainly from raising of new long-term borrowings and decrease in cash and cash equivalents,” Gazprom said.

• A Permanent Economic Emergency