July 22. Gazprom Neft 1Q net profit under US GAAP grew by 6.6% q-o-q to USD 1.41 bn, the company said in its report. Earlier, the analysts of investment companies and banks surveyed by the Oil Information Agency predicted Gazprom Neft's net profit to grow by 0.8% q-o-q on average to USD 1.33 bn. The company switched to the quarterly GAAP reporting in 3Q 2007. The analysts make their estimates based on 4Q 2007 results. Meanwhile, the company's press service reported that in annual terms, Gazprom Neft net profit rose by 110% in 1Q 08 versus 1Q 07. The company's revenue advanced to USD 7.86 bn, a 22.5% increase q-o-q and 90% y-o-y. The company's EBITDA went up by 15% q-o-q and by 83.9% y-o-y to USD 1.92 bn. In line with the company's announcement, growth of net profit and EBITDA was caused by an upturn in market prices for oil, growth of oil and oil product export and high oil refining margin.