Tatneft doubles 1H 2011 Net Income to 39.5 billion Roubles

Tatneft posts 1H 2011 net income of 39.5 billion Roubles under US GAAP
Russian oil producer, Tatneft, has posted a 1H 2011 Net Income of 39.5 billion Roubles under U.S. GAAP.

The bottom line is up from the 15.9 billion roubles net result posted for 1H 2010, on the back of consolidated revenues increasing to 294 billion roubles from 214.6 billion roubles a year earlier.

Tatneft noted the impact of a strengthening rouble on the net result, with FX result making a major turnaround to the gain of 4.38 billion roubles from the loss of 3.5 billion roubles in 1H 2010.