Swiss gas trader RosUkrEnergo, half owned by Russia`s Gazprom, posted a net profit under International Financial Reporting Standards of 6.16 billion rubles ($237 million) in January-March 2008, a 260% increase, year on year, Gazprom said.

RosUkrEnergo, which was established in July 2004 on a parity basis between Gazprom and Ukraine`s national oil and gas company Naftogaz, is the exclusive supplier of natural gas to Ukraine. RosUkrEnergo supplies Ukraine with most of the natural gas it gets from Gazprom and delivers the rest to Europe.

RosUkrEnergo`s revenues increased 12% in the reporting period to 82.96 billion rubles ($3.2 billion), liabilities totaled 98.83 billion rubles ($3.8 billion) and assets 123.46 billion rubles ($4.7 billion).

Under an agreement between Russia and Ukraine reached earlier this year, the parties will drop any gas intermediaries and switch to direct relations involving Gazprom and Naftogaz from January 1, 2009. Furthermore, Naftogaz will receive the right to re-export gas to the European Union jointly with Gazprom.

RIA Novosti