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Tatneft profit misses consensus by 41.4% in Q2

PAO Tatneft said its normalized net income for the second quarter was 9.60 Russian rubles per share, compared with the S&P Capital IQ consensus estimate of 16.39 rubles per share.

EPS declined 13.8% year over year from 11.14 rubles.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 21.61 billion rubles, a decrease of 14.2% from 25.19 billion rubles in the prior-year period.

The normalized profit margin declined to 14.2% from 17.1% in the year-earlier period.

Total revenue increased year over year to 152.26 billion rubles from 146.86 billion rubles, and total operating expenses climbed 16.8% on an annual basis to 125.46 billion rubles from 107.40 billion rubles.

Reported net income decreased 15.4% year over year to 26.15 billion rubles, or 11.62 rubles per share, from 30.89 billion rubles, or 13.66 rubles per share.

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