MOSCOW, May 14 (RIA Novosti) - Tatneft [RTS: TATN] said Monday its net profit calculated to Russian Accounting Standards (RAS) had declined 44.4%, year-on-year, in the first three months of 2007 to 6.67 billion rubles (about $259 million).
The crude producer, which is located in the Volga Republic of Tatarstan, gave no explanation for the decline.
Sales declined 22% in the reporting period to 38 billion rubles (about $1.5 billion) and gross profit was down 35% to 12 billion rubles (about $466 million), the company said in a statement.
The company's short-term receivables grew to 44 billion rubles (about $1.7 billion) from 39 billion rubles (about $1.5 billion) and short-term payables climbed to 16.7 billion rubles (about $651 million) from 13.4 billion rubles (about $519 million) in the reporting period, the statement said.
