Tatneft's net profit saw a 20.1% increase, year-on-year, in the first half of 2006, to $661.8 million, the Russian oil company said Monday in its un-audited interim consolidated U.S. GAAP financial statement, RIA Novosti reports.
The company's revenues were $5.94 billion, against $4.84 billion for the first six months of 2005.
Tatneft's total assets decreased from $11.2 billion as of December 31, 2004, to $9.8 billion as of December 31, 2005, and increased to $11.2 billion as of June 30, 2006.
Total liabilities of the company decreased from $4.8 billion as of December 31, 2004, to $2.8 billion as of December 31, 2005, and increased to $3.1 billion as of June 30, 2006.
International rating agency Standard & Poor's withdrew its 'B-' long-term corporate credit rating of Tatneft in August because of a lack of consistent information on the company's financial position.
S&P said then that over the last three years Tatneft has substantially delayed publishing its audited U.S. GAAP accounts, with 2004 accounts published in June 2006, and the 2005 financials not yet available.
Based in the city of Almetyevsk, Tatneft is controlled by the government of the Republic of Tatarstan. The company said earlier in August it produced over 12.7 million tons (about 94 million barrels) of crude in January-June 2006, representing a 0.15% year-on-year increase.