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Friday, 21 November, 2008, 17:50 GMT | more >>

Tatneft sees 50% profits boost



By Upstream staff 

Russian mid-sized oil company Tatneft said today its sales and net profit rose by almost 50% in 2005 according to preliminary data, but it was still not ready to finalise its numbers for the year.

It said in a statement that 2005 sales, calculated to US accounting standards, rose to 300 billion roubles ($11.21 billion) from 206.8 billion in 2004 and net profit rose to 33 billion roubles ($1.23 billion) from 23.4 billion.

It said an audit of the figures would be complete by the end of October.

Tatneft earlier this year decided to delist from the New York Stock Exchange after repeatedly failing to deliver financial reports to international standards on time.

It said then that it planned to release results for the first half of 2006 at the same time as its 2005 financials, but it gave no 2006 figures today.


Wednesday, 13 September, 2006, 16:16 GMT  | last updated: Wednesday, 13 September, 2006, 16:17 GMT

Tatneft: strong indications, but the company has yet to sign off on recent results
 

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