Tatneft Profits Fall 38%

摘要

Regional Russian producer Tatneft has posted a 38% year-on-year drop in first-quarter net earnings, which it blamed on lower global crude prices, higher overhead and rising export duties. In consolidated financial results released Tuesday, profits attributable to the Tatarstanbased firm fell to 16.97 billion rubles ($515.7 million). Revenues decreased by 4.2% on the year to 106.55 billion rubles.