Russian state-controlled gas monopoly Gazprom on Thursday reported an 89% drop in 2020 net profit attributable to Gazprom shareholders, plunging to 135.3 billion rubles ($1.8 billion).

Although European natural gas demand rebounded in the second half of a challenging year, Gazprom's 2020 revenues still declined by 17% to about 6.3 trillion rubles, the company said in its latest consolidated financial report.

While Gazprom reduced its operating costs and investments, and paid less money in taxes, a line titled “finance expenses” jumped by more than 1 trillion rubles during the last year to about 1.37