First half 2010 net profits at Gazprom Neft, the oil division of Russia's energy giant Gazprom, rose 42 percent year-on-year to $1.501 billion to U.S. GAAP, slightly exceeding analysts' expectations, the company said on Wednesday.

Revenue rose 61 percent to $15.322 billion, Gazprom Neft said in a statement.

Analysts expected a net profit of $1.46 billion and revenue of $14.915 billion.

Gazprom Neft also posted a second quarter 2010 net income of $747 million under US GAAP.

The bottom line is up 3% year-on-year from the second quarter 2009 net income of $725 million, with second quarter 2010 EBITDA also up 3% to $1.55 billion as revenues climbed 52% year on year to $8.026 billion.

The company said the results reflected an 8% rise in production, coupled with higher prices over the reporting period.

MOSCOW, August 18 (RIA Novosti)