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Rosneft Oil profit beats consensus by 31.8% in Q2

PJSC Rosneft Oil Co. said its second-quarter normalized net income amounted to 8.79 Russian rubles per share, compared with the S&P Capital IQ consensus estimate of 6.67 rubles per share.

EPS fell 31.8% year over year from 12.88 rubles.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 93.13 billion rubles, a decrease of 31.8% from 136.50 billion rubles in the prior-year period.

The normalized profit margin declined to 7.1% from 9.8% in the year-earlier period.

Total revenue fell 8.0% year over year to 1.283 trillion rubles from 1.395 trillion rubles, and total operating expenses declined 8.7% on an annual basis to 1.103 trillion rubles from 1.208 trillion rubles.

Reported net income decreased 21.6% year over year to 134.00 billion rubles, or 12.64 rubles per share, from 171.00 billion rubles, or 16.14 rubles per share.

As of Aug. 31, US$1 was equivalent to 66.66 Russian rubles.