Tatneft unveils 1Q 2008 Net Profit of $260 million
Published: 22 August, 2008, 14:22
Russian oil producer Tatneft has posted a 1Q 2008 Net Profit of $260 Million under US GAAP.
The company attributed the weaker than anticipated results to rising operating costs, increased taxes, and the consolidation of two exploration companies into its balance sheet during the quarter. EBITDA came in at $459 million on sales of $4.48 Billion. The results are the first the company has posted under US GAAP.
22.08.2008, 12:06
Severstal outlays $1.3 billion for PBS coalsRussian steelmaker Severstal has announced it will buy US coalminer PBS Coals for $1.3 billion. In a statement the company said it would pay $7.93 per share for a combination of PBS and Penfold Capital Acquisition shares. |
22.08.2008, 15:09
World Bank's view on Russia’s 1998 financial crisisThe economic crisis in 1998 struck in August, bringing Russia’s banking and financial system down. Business Today met with Michael Carter, the head of the World Bank in Russia at the time, for his thoughts on the events. |
