MOSCOW, June 18 (RIA Novosti) - Gazprom Neft, the oil producing arm of energy giant Gazprom, said on Thursday its US GAAP net profit decreased 76% year-on-year in January-March 2009 to $355 million.
Revenue in the reporting period declined 48% to $4.19 billion, Gazprom Neft said.
"The decrease in financial results for the first quarter 2009 vs. the same period of 2008 reflected the impact of the decrease in average oil prices, higher inflation rates, growth of transportation tariffs and energy spending, and the weakening of domestic demand," the oil producer said in a statement.
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 54% from the first quarter of 2008 but increased 361% from the fourth quarter to $942 million, the company said.
"The quarter-on-quarter financials recovery was primarily due to the decrease in export duties and MET [mineral extraction] taxes, crude oil and petroleum products prices stabilization and ruble depreciation," the company said.
