Tatneft Q1 Net Profit Up 130 Percent

May 14, 2009
(RIA Novosti ) - Tatneft, one of Russia's top six crude oil producers, said on Thursday its net profit under Russian Accounting Standards increased 130%, year-on-year, in January-March to 22.17 billion rubles ($692 million).

Tatneft, which accounts for 80% of oil output in Russia's Volga Republic of Tatarstan, said revenues in the reporting period fell 25% to 43.82 billion rubles ($1.4 billion), gross profit was down 26.8% to 17.14 billion rubles ($536 million) and operating profit declined 34.8% to 13.39 billion rubles ($419 million) while pre-tax profit climbed 120% to 27.85 billion rubles ($870 million).

The company's net assets increased by 23 billion rubles ($719 million) to 247.2 billion rubles ($7.7 billion) in the reporting period, Tatneft said.

Tatneft earlier announced its crude output in 2009 could shrink by 1.5% to 25.4 million metric tons (186 million barrels). In 2008, the Volga-based company increased oil output 0.1% to 25.77 million metric tons (189 million barrels).

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