Gazprom Neft posts FY 2008 Net Income of $4.65 billion, despite 4Q loss

Gazprom Neft, the oil producing arm of Gazprom, has posted a FY 2008 Net Income of $4.65 billion under U.S. GAAP.

The bottom line is up 12% on the $4.14 Net Income posted for FY 2007, with EBITDA rising 28% to $6.23 billion, on the back of Revenues of $33.07 billion, up 52% year on year.

The result came despite a larger than expected Net loss of $543 million in 4Q, with 4Q EBITDA coming in at $204 million, down 88% on 4Q 207, on 4Q Revenues of $4.98 billion, down 24% year on year.

The company attributed the FY result to strong demand, production and prices over the bulk of the year, before prices and demand collapsed during 4Q with the onset of the global economic downturn.