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22 Dec, 2008 09:56

Tatneft posts 9M 2008 Net income of $1.265 Billion

Tatneft posts 9M 2008 Net income of $1.265 Billion

Russian oil producer Tatneft, has posted a 9M 2008 Net Income of $1.265 Billion under U.S. GAAP.

The 9M bottom line is up 2.9% year on year, with EBITDA coming in at $2.08 Billion, up 1.8%, on Sales of $15.73 Billion.

The 9M result came on top of a 3Q which saw Net Income for the Tatarstan based producer fall 24% year on year to $388 million, with 3Q EBITDA of $578 million, down 26.6%, on Sales of $5.4 Billion.

The company attributed the 9M result to higher crude prices over the period, with a range of non recurring charges being represented in the 9M figures.