MOSCOW, August 13 (RIA Novosti) - Tatneft [RTS: TATN], a large oil producer in the Russian Volga republic of Tatarstan, said Monday its net profit, calculated to Russian Accounting Standards, dropped 11.5% in the first half of 2007 to 20.7 billion rubles ($813 million) year-on-year.
The company also posted a 6.2% decline in sales, to 89.2 billion rubles ($3.5 billion) in the same period.
Tatneft's gross profit was down 4.3% to 35.3 billion rubles ($1.4 billion), and the company's product cost fell 7.4%, to 54 billion rubles ($2 billion) in the reporting period.
The company also said its debt portfolio increased 11.8% to 43.5 billion rubles ($1.7 billion), and accounts payable grew 46.8% to 19.6 billion rubles ($769 million) in the reporting period.
Tatneft and its subsidiaries handle downstream and upstream operations. Tatarstan holds a golden share in the company and a 36% stake in its authorized capital.
