Russia’s state-run gas giant Gazprom has announced a Q2 decline in net income by more than 50% year on year (YoY), according to a Reuters.

The net income for the report ending June 30 stood at $2 billion. This, coupled with the added blow of a weak Rouble, has inflated debt denominated in foreign currency.

Furthermore, the company’s main source of income in the form of natural gas sales to Europe fell in the first half of the year by 47% YoY to $10.3 billion.

Despite these setbacks for the Russian company, there is some positive news as Gazprom still managed to deliver a profit after a Q1 loss of $1.57 billion, and with regards to the current quarter (Q3), there are signs of financial progress with spot gas prices exceeding $100 per 1,000 cubic meters (cm) in Europe.

Gazprom’s shares in Moscow edged up 0.7% in early trade on July 31.