Tatneft posts FY 2009 net profit of 54.372 billion Roubles

Oil major, Tatneft, has posted a FY 2009 net profit of 54.372 billion Roubles under US GAAP.

The bottom line is up 546% year-on-year compared with FY 2009 totals of 8.413 billion Roubles, with FY EBITDA up 229% to 82.853 billion Roubles, despite FY revenues down 14.3% to 380.648 billion Roubles.

The company attributed the lower revenue in 2009 to lower prices for crude, but said that the decrease in taxes, as well as relative recovery and stability in the financial markets helped to boost net income.

The company said that in 2010 it will continue to develop newly discovered oil fields in Tatarstan, and other parts of Russia, as well as continuing exploration activities in Libya and Syria.