Tatneft unveils 1Q 2008 Net Profit of $260 million

Russian oil producer Tatneft has posted a 1Q 2008 Net Profit of $260 Million under US GAAP.

The company attributed the weaker than anticipated results to rising operating costs, increased taxes, and the consolidation of two exploration companies into its balance sheet during the quarter. EBITDA came in at $459 million on sales of $4.48 Billion.  The results are the first the company has posted under US GAAP.