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21 Jun, 2010 12:29

Tatneft posts 1Q 2010 net profit of 12.63 billion roubles

Tatneft posts 1Q 2010 net profit of 12.63 billion roubles

Russian oil producer, Tatneft, has posted a 1Q 2010 net profit of 12.63 billion roubles under US GAAP.

The bottom line jumped 59.3% from the 1Q 2009 net profit of 7.93 billion roubles, with EBITDA up 41.4% year-on-year to 21.3 billion roubles, on the back of sales rising 43% to 105.15 billion roubles.

The company says the figures reflect a boost in crude demand and prices over the later half of 2009, carrying into 1Q 2010, which was partly offset by an increase in export duties and unified production tax.