MOSCOW, December 21 (RIA Novosti) - Gazprom Neft, the oil arm of Russian energy giant Gazprom, said on Friday its US GAAP net profit had already reached last year's level of $2.8 billion in the first nine months of 2007.

The company published its first US GAAP net profit report for the third quarter, as well as for January-September, while its revenues dropped 5.5% in the reporting period to $15 billion, year on year.

"The drop in revenues followed changes in the company's sales structure. Owing to the high refining margin, Gazprom Neft increased its oil refining volumes and petrochemicals sales on the domestic market and simultaneously reduced the export of oil and petrochemicals," the company said in a press release.

The company's EBITDA (earnings before interest, taxes, depreciation and amortization) grew 4.6% to $4 billion in January-September 2007, year on year.

Gazprom Neft's revenues in the third quarter of 2007 increased 0.5% year on year to $5.4 billion.

Gazprom and Italy's Eni hold 75% and 20%, respectively, in the oil company.