22 Jun 2009 17:03

Tatneft boosts net profit 25% to 7.929 bln rubles in Q1

MOSCOW. June 22 (Interfax) - Tatneft boosted first quarter net profit 25% to 7.929 billion rubles ($233 million) under US GAAP, the company said in a statement.

Analysts at investment companies and banks told Interfax they thought Tatneft would post a profit of 7.363 billion rubles in the first quarter.

Tatneft posted a net loss of 21.984 billion rubles ($748 million) in the fourth quarter of 2008.

Sales revenue declined 32% to 73.54 billion rubles ($2.162 billion) in the first quarter of 2009, while analysts had predicted revenue of 79 billion rubles.

EBITDA (earnings before interest, taxes, depreciation and amortization) grew 37% to 15.063 billion rubles ($443 million) in the quarter versus the forecast of 15.245 billion rubles.

"The improvement in financials in the first quarter of 2009 was above all the result of stable crude prices (compared to their significant decline in the fourth quarter of 2008), the devaluation of the ruble against the U.S. dollar (a large share of the group's revenue is denominated in U.S. dollars), a reduction in some expenses compared to the fourth quarter of 2008 and a decline in the tax burden on the industry," the statement says.