MOSCOW, April 29 (RIA Novosti) - Russian energy giant Gazprom said on Wednesday its consolidated net profit calculated to International Financial Reporting Standards (IFRS) increased 11% year-on-year in 2008 to 771.38 billion rubles ($23 billion).

Revenue increased 45% in the reporting period to 3.519 trillion rubles ($15.7 billion), operating profit climbed 80% to 1.26 trillion rubles ($37.8 billion), and pre-tax profit increased 11% to 1.031 trillion rubles ($30.9 billion), Gazprom said.

The company said that one of the main factors boosting its financial performance was the favorable situation in geographical distribution areas, which brought a significant increase in gas sales.

Gazprom's operations in the reporting period were influenced by the financial crisis and the ruble exchange rate, which caused a drop in the fair value of the option with Italy's Eni on the purchase of a 20% stake in Gazprom Neft by the Russian energy giant.