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Gazprom’s RAS net profit up 4.9% to $15 bln in 2007

Gazprom’s net profit calculated to Russian Accounting Standards (RAS) increased 4.9%, year-on-year, to 360.5 billion rubles ($15 billion) in 2007, the Russian gas monopoly said in a statement on Tuesday.

Gazprom said the increase in its net profit in the Q4 of 2007 against last year’s Q3 followed a seasonal rise in natural gas exports and sales on the domestic market. Khalil Shekhmametyev, chief analyst at the Otkritie financial corporation, warned against expectations that the news would cause excitement on the Russian stock market, primarily because the report concerned the head company, with no data currently available on its subsidiaries.

Oleg Maksimov, chief analyst at the Troika Dialog investment company, also called Gazprom’s RAS net profit report “uninteresting.” He said a report on the company’s net profit calculated to International Financial Reporting Standards (IFRS) would be much more valuable but that this would be published only after the company has produced a financial report in the Q1 of 2008. (