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Gazprom's 1Q07 net profit down 42.6% y-o-y to $2.52 bln

MOSCOW, May 3 (RIA Novosti) - Gazprom's [RTS: GAZP] net profit calculated to Russian Accounting Standards declined 42.6% year-on-year, to 64.95 billion rubles ($2.52 billion) in the first quarter of the year, the Russian energy giant said in a statement Thursday.

Gazprom also reported a 39.78% decrease in net profit compared to the fourth quarter of 2006.

The company said the decline was due to the annual reassessment in its finance and share price rather than performance results. "Gazprom's lower net profit in the first quarter of 2007 reflects a reassessment in its share price, rather than Gazprom's performance," the company said.

The gas monopoly attributed the lower annual profit to the exceptionally cold winter in 2006 and this year's abnormally high winter temperatures.

"As a result, Gazprom sold less gas, which explains the lower net profit in the first quarter of 2007 against the same period last year," the company said.

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