The Russian oil trader Tatnefteprodukt has reported that the reduction in its sales revenues in the first two quarters of the year was 48 percent from the results from the same period of 2008. 

The company’s bottom-line profit fell to approximately RUR 609.7 million. Last year, profits for the first half of the year were RUR 708.7 million. Profit from sales decreased from RUR 270.7 million to RUR 191.9 million. Profits before taxes dropped significantly to RUR 38.3 million from RUR 177.4 million.

In the first six months of the current year, the company experienced a 69-percent reduction in net profits, in part as a consequence of higher interest payments.

Tatnefteprodukt is located in the republic of Tatarstan and accounts for close to one third of Tatarstan’s motor fuel market.