Gazprom Neft RAS net profit rises 23% in 9M06

MOSCOW, November 15 (RIA Novosti) - Gazprom Neft [RTS: SIBN] said Wednesday its net profit, calculated to Russian Accounting Standards, rose 23%, year-on-year, in the first nine months of 2006, to 47.67 billion rubles (about $1.77 billion).

The oil company, formerly known as Sibneft before being taken over by Russian energy giant Gazprom last year and renamed in May, said its gross profit increased 18% in the reporting period, to 96.37 billion rubles (about $3.5 billion), and pre-tax profit was up 11.5%, to 63.05 billion rubles (about $2.3 billion).

Long-term liabilities fell 3%, year-on-year, in January-September 2006, to 55.08 billion rubles (about $2 billion), while short-term obligations were up 77%, to 118.51 billion rubles (about $4.3 billion), with the value of outstanding loans rising 20%, to 32.79 billion rubles (about $1.2 billion).

Millhouse Capital, the investment vehicle of Russian tycoon and Chelsea FC owner Roman Abramovich, sold a 72.6% stake in Sibneft to gas giant Gazprom for $13.1 billion in September 2005.

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