Tatneft posts FY 2010 Net Income of 46.67 billion Roubles

Tatneft posts FY 2010 U.S. GAAP net income of 46.67 billion Roubles
Russian oil producer, Tatneft, has posted a FY 2010 Net Income attributable to Group shareholders of 46.67 billion Roubles under U.S. GAAP.

The bottom line is down 14.16% from the 54.3 billion Rouble net profit posted for FY 2009, with EBITDA down 11% year on year to 73.7 billion Roubles, despite sales revenues going up 23% to 468 billion Roubles from 360.6 billion Roubles a year earlier.

Tatneft said the net result decrease reflected higher duties and taxes, coupled with rising costs.

“Despite higher sales in 2010 compared to 2009 our net income decreased mainly on the back of increased export duties and unified production tax rates, higher volumes of purchased oil and refined products, as well as various other factors, such as higher transportation tariffs, foreign exchange loss recorded on credit facilities denominated in foreign currency and other various costs.”