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Transneft Q2 profit climbs YOY

PJSC Transneft said its normalized net income for the second quarter was 46.40 billion rubles, a gain from 44.24 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 increased to 21.7% from 21.5% in the year-earlier period.

Total revenue increased on an annual basis to 213.40 billion rubles from 205.57 billion rubles, and total operating expenses increased year over year to 146.79 billion rubles from 141.00 billion rubles.

Reported net income came to 58.96 billion rubles, compared with 56.38 billion rubles in the prior-year period.

As of Aug. 29, US$1 was equivalent to 65.04 Russian rubles.