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Gazprom's Oil Unit Net Profit Fell

Gazprom Neft, the oil unit of Russian gas monopoly Gazprom, reported its net profit fall

Gazprom Neft, the oil unit of Russian gas monopoly Gazprom, reported its neft profit fall on Friday 24 percent in the first quarter of 2007 from the previous quarter.

The company said net profit, calculated to Russian accounting standards, fell to 11.460 billion roubles ($445.6 million) from 15.162 billion roubles in the fourth quarter of 2006. The figure was also 0.95 percent below net profits in the first three months of 2006.

Russian accounting standards differ greatly from international standards but can be a guide to trends in overall performance as well as serving as a basis for calculating dividends and Russian tax