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. Last Updated: 07/27/2016

Sales to Ukraine Help Gazprom Profits

State-controlled natural gas monopoly Gazprom said Monday that its third-quarter net profit rose 68 percent from the same period a year earlier, helped by an extraordinary gain from sales to Ukraine.

Gazprom said that third-quarter net profits were 79.32 billion rubles ($2.82 billion), up from 47.124 billion rubles in the same period a year earlier, according to a statement on its web site.

It said its net profit for the first nine months of 2005 stood at 232.13 billion rubles ($8.25 billion), up from 139.38 billion rubles for the first nine months of 2004.

The company's sales in the first nine months of 2005 rose 37 percent on the year to 291 billion rubles ($10.34 billion).

Analysts were surprised by an extraordinary gain generated by the sale of more than 4 billion cubic meters of gas in storage in Ukraine, at prices three times higher than agreed contract prices.