Gazprom Neft 9-Month Profit Up 60%

Gazprom Neft said Monday that its revenue for the first three quarters of 2008 rose 60 percent to nearly 500 billion rubles ($18.3 billion).

Costs for the first nine months of 2008 rose 68 percent, year on year, to 354.867 billion rubles, according to the results, which were based on Russian accounting standards.

Still, the company boosted profit 52 percent to 83.4 billion rubles in the period. Net third-quarter profit rose 11 percent over the same period in 2007, Interfax reported, to 21.5 billion rubles.

The company also announced that it bought, built or repaired 43 gas stations in the first three quarters, increasing the number of stations it owns by 10.6 percent.

Oil traded at about $56 per barrel Monday, far below its summer high of nearly $150.

A spokesman for Gazprom Neft would not say whether the revenue and profit figures met earlier company expectations.