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Transneft Q2 profit falls YOY

PJSC Transneft said its second-quarter normalized net income came to 29.65 billion rubles, a fall of 36.1% from 46.40 billion rubles in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 13.5% from 21.7% in the year-earlier period.

Total revenue rose year over year to 219.18 billion rubles from 213.40 billion rubles, and total operating expenses climbed 5.9% from the prior-year period to 152.32 billion rubles from 143.83 billion rubles.

Reported net income totaled 34.41 billion rubles, compared with 58.96 billion rubles in the year-earlier period.

As of Aug. 25, US$1 was equivalent to 58.89 Russian rubles.