Tatneft, one of Russia's top ten crude producers, posted on Monday its first ever quarterly report calculated to US GAAP with net profits amounting to 6.3 billion rubles ($259.6 million) in January-March 2008, RIA Novosti reports.
Tatneft's sales totaled 109 billion rubles ($4.5 billion) in the reporting period.
The company produced 6.57 million metric tons (48.29 million bbl) of oil in the first three months of 2008, almost equal to its entire output in the first quarter of 2007.
The crude producer said earlier its net US GAAP profit increased 50% year on year to 43.3 billion rubles ($1.78 billion) in 2007.
Tatneft, which accounts for 80% of oil output in Russia's Volga Republic of Tatarstan, produced 25.7 million metric tons (189 million bbl) of oil, up 1.3% against 2006.