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Transneft Q2 profit climbs 12.3% YOY

PJSC Transneft said its second-quarter normalized net income came to 44.24 billion rubles, a gain of 12.3% from 39.40 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 increased to 21.5% from 20.8% in the year-earlier period.

Total revenue rose 8.3% year over year to 205.57 billion rubles from 189.80 billion rubles, and total operating expenses climbed 9.0% on an annual basis to 142.18 billion rubles from 130.49 billion rubles.

Reported net income came to 56.38 billion rubles, compared with 50.83 billion rubles in the year-earlier period.

As of Aug. 27, US$1 was equivalent to 66.27 Russian rubles.