Sales (net of excise tax, VAT and customs duties) increased 47.8% in the reporting period to 902.9 billion rubles ($35 billion), operating profit climbed 74.2% 365.6 billion rubles ($14 billion) and pre-tax profit grew 36% to 380.3 billion rubles ($14.6 billion).
Gazprom's net debt declined 10% in January-March 2008 to 1,103.3 billion rubles ($42 billion) due to a significant increase in cash and cash equivalent balances on Gazprom's bank accounts, the energy giant said.
Gazprom CEO Alexei Miller said on Saturday the energy giant expected its net profit to hit $30 billion in 2008 against 658 billion rubles ($25 billion) a year earlier.
Miller also said the ongoing global financial crisis was not a disturbing factor for Gazprom.
"We feel absolutely confident. I can say that today Gazprom is operating in price conditions that are very favorable for the company. The era of cheap oil and gas has ended. Despite the financial crisis, prices for hydrocarbons will remain high. Moreover, experts say they are expected to rise in the medium term perspective," Miller said.
Miller also said that Gazprom saw no risks for itself in spite of the problems on global financial markets, adding that the price of natural gas supplied by the energy giant to Europe had hit a historical high of $500 per 1,000 cubic meters as of October 1.
