Tatneft posts 9M 2010 Net Income of 30.37 billion Roubles

Russian oil producer, Tatneft, has posted a 9M 2010 Net Income of 30.37 billion Roubles under U.S. GAAP.

The bottom line is down 35% from the 46.423 million Rouble net profit posted for the same period 2009, with EBITDA down 24% year on year to 52.967 billion Roubles, despite sales revenues climbing 24% year on year to 338.23 billion Roubles.

The company noted that despite higher sales in the nine months of 2010 compared to the corresponding period of 2009 its net income had decreased on the back of increased export duties and unified production tax rates, transportation tariffs, selling, general and administrative expenses and foreign exchange losses recorded on credit facilities denominated in foreign currency.