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Friday, 21 November, 2008, 21:10 GMT | more >>

Tatneft confirms profits boom



By Upstream staff 

Russian oil company Tatneft reported strong increases in revenue and earnings as it confirmed results for the 2005 full year and for the first half of 2006.

Tatneft said in a statement that sales for 2005, calculated according to US accounting standards, rose to 300.4 billion roubles ($10.4 billion), up from 206.8 billion roubles in 2004. Earnings hit 28.2 billion rubles ($981.3 million) in 2005 from 23.4 billion rubles in 2004.

Sales for the first half of 2006 were 160.9 billion rubles, up from 138.8 billion rubles in the same period in 2005. Earnings for the period rose to 17.9 billion rubles, u pfrom 15.8 billion rubles previously.

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

It announced preliminary 2005 figures in September but delayed releasing 2006 interim figures to today.


Monday, 13 November, 2006, 16:41 GMT  | last updated: Monday, 13 November, 2006, 16:41 GMT

Tatneft: figures released today showed strong growth in 2005 and the first half of 2006
 

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