Tatneft posts 1H 2009 Net Profit of 29.7 billion Roubles

Russian oil major, Tatneft, has posted a 1H 2009 Net Profit of 29.7 billion Roubles under US GAAP.

The bottom line is down from the 21 billion Rouble Net Profit posted for 1H 2008, despite EBITDA rising by 23.4% year on year to 44.47 billion Roubles, as Revenues fell by 33.5% year on year to 164 billion Roubles from 246.5 billion Roubles in 1H 2008.

The 2Q figures showed a considerable improvement with a 2Q Net Profit of 21.75 billion Roubles

The company’s attributed the results to lower crude prices in the first half of the year, which was partially offset by the devaluation of the Rouble against the US dollar.