OREANDA-NEWS. In the three months ended 31 March 2006 the profit of the company for the period attributable to equity holders of OAO Gazprom totaled RR 185,157 million which is RR 93,529 million, or 102%, higher compared to the three months ended 31 March 2005.

The profit tax increased by RR 32,715 million, or 102%, to RR 64,831 million in the three months ended 31 March 2006 compared to RR 32,116 million for the three months ended 31 March 2005. Effective current profit tax rate for the three months ended 31 March 2006 was 25.4% compared to 25.8% for the three months ended 31 March 2005.

The net debt balance decreased by RR 130,069 million, or 16%, from RR 797,465 million as of 31 December 2005 to RR 667,396 million as of 31 March 2006.

This can be explained primarily by decreased sum of long-term borrowings and increased sum of cash resulting from increased cash inflow from operating activities.