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41

Russia's Tatneft Profit Surged 80%

Russian oil producer Tatneft announced its profit surged 80 percent

Russian oil producer Tatneft announced its profit surged 80 percent in Q2 2005, due to higher oil prices, of course.

The unconsolidated net income of the company increased to 10.8 billion rubles ($381 million), according to Tatneft?s report published on the Russian securities service's web site.

Last year Tatneft earned 6.0 billion ruble for the same period.

The oil company did not disclose revenue or any other financial details in the report.