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Gazprom Neft posts higher annual net profit
RBC, 15.05.2008, Moscow 19:59:08.Gazprom Neft's net profit under US GAAP grew 13.2 percent to $4.143bn in 2007 from $3.66bn a year earlier, the Russian oil producer reported. In Q4, the company's net profit rose 58.6 percent to $1.324bn compared to the forth quarter of 2006. Gazrpom Neft's annual revenue increased 6.1 percent to $21.1bn, EBITDA climbed 12.8 percent to $5.828bn, and net cash flow from operating activity jumped 59.7 percent to a record $5.271bn in 2007 compared to the previous year. The company attributes the rise in its net profit and EBITDA to a favorable market situation, an increase in oil refining (by 7.5 percent), and high margins of oil refining operations, among other things. Gazprom Neft's press office quoted the oil producer's CEO as saying that the corporation's objective for 2008 was to solidify the successful results of 2007 and continue robust growth along all the lines of activity.
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