Russia’s gas giant Gazprom sees its net profit in Q4 2009 rise tenfold year on year

Gazprom’s Q4 2009 net profit rises tenfold

MOSCOW — Russia’s largest gas producer Gazprom says its net profit in the fourth quarter of 2009 rose nearly tenfold compared to a year ago as its gas sales picked up.

The full-year figures, subtracting already published nine-month earnings, imply that net profit rose to 314.5 billion rubles ($10.7 billion) from 37.5 billion rubles a year earlier.

The profit has nearly doubled compared to a quarter earlier.

Gazprom’s sales collapsed in the fourth quarter of 2008 and did not pick up until the mid-2009 as energy demand was battered by the global downturn.

Gazprom’s stocks were up 1.5 percent at the MICEX stock exchange at midday.