Tatneft posts 1H 2010 Net Profit of 15.9 billion Roubles

Russian oil producer, Tatneft, has posted a 1H 2010 Net Profit of 15.9 billion Roubles under U.S. GAAP.

The bottom line is down 46.6% from the 29.7 billion Rouble Net Income posted for 1H 2009, with EBITDA falling 33.1% year on year to 29.8 billion Roubles, despite Sales rising 30.9% year on year to 214.6 billion Roubles.

The company says the fall in net result reflected higher export duties and the unified production tax, as well as rising transportation expenses. This was coupled with the increased foreign exchange losses on credit facilities, denominated in foreign currencies.