JSC "Gazprom Neft" has published its Q1 2008 US GAAP consolidated financial statements

Gazprom Neft’s net income in Q1 2008 reached $1 411 mln., which exceeds the Q1 2007 result by 110,0% and increased by 6.6% compared to Q4 2007 ($1 324 mln.).

Earnings before interest, income tax, depreciation and amortization (EBITDA) in Q1 2008 amounted to $1 920 mln. and increased by 84% and 15% in comparison with Q1 2007 and Q4 2007 EBITDA, respectively.

Revenues in Q1 2008 rose by 90% to $7 866 mln. vs. $4 141 mln. in Q1 2007, that is 22,5% higher compared to $ 6 425 mln. in Q4 2007.

The increase of net income and EBITDA was due to an increase in oil market prices; an increase in oil and oil products distribution volumes both in the domestic market and for exports; high refining margins.

Q1 2008 key financial results:

(mln. $)I Q 2008I Q 2007change, %IV Q 2007change, %
Revenues7 8664 14190,0%6 42322,5%
EBITDA 1 9201 04483,9%1 66915,0%
Net Income 1 411672110,0%1 3246,6%

Gazprom Neft’s Chairman of the Board Alexander Dyukov stated: "The Q1 2008 Gazprom Neft financial results fall in line with our expectations and allow us to look confidently into the future. We hope to maintain positive dynamics and increase our financial abilities to bring to life Company’s strategic targets".