Gazprom's 3Q net profit up 16 pct.

[March 03, 2009]  MOSCOW (AP) -- Russian gas monopoly Gazprom said Tuesday its net profit rose 16 percent to 132 billion rubles ($3.6 billion) in the third quarter of 2008 from a year earlier, boosted by high market prices.

Net sales in the July through September period rose to 830 billion ($23 billion) from 516 billion rubles in the same period a year earlier, according to a statement by the company.

State-owned Gazprom's net profit for the first nine months of 2008 rose to 705 billion rubles from 426 billion a year earlier, while net sales increased to 2.573 trillion rubles from 1.660 trillion.

Net sales to Europe almost doubled to reach 992 billion rubles, the company said.

Gazprom, Russia's largest company, is widely expected to post a record year in 2008 as gas prices for Europe skyrocketed in the wake of record-high oil prices in July. The subsequent drop in oil costs and the credit crunch are likely to cause revenues to fall.

[Associated Press]

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