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Novatek profit misses consensus by 20.0% in Q4

PAO NOVATEK said its normalized net income for the fourth quarter amounted to 134.88 Russian rubles per share, compared with the S&P Capital IQ consensus estimate of 168.52 rubles per share.

EPS rose 328.2% year over year from 31.50 rubles.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 40.70 billion rubles, a gain of 327.8% from 9.51 billion rubles in the prior-year period.

The normalized profit margin increased to 39.4% from 9.7% in the year-earlier period.

Total revenue climbed 5.0% year over year to 103.25 billion rubles from 98.32 billion rubles, and total operating expenses rose year over year to 63.70 billion rubles from 62.91 billion rubles.

Reported net income rose 330.3% from the prior-year period to 59.45 billion rubles, or 197.01 rubles per share, from 13.82 billion rubles, or 45.75 rubles per share.

For the year, the company's normalized net income totaled 462.66 rubles per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 551.86 rubles.

EPS rose 141.9% from 191.30 rubles in the prior year.

Normalized net income was 139.65 billion rubles, a gain of 141.7% from 57.78 billion rubles in the prior year.

Full-year total revenue grew from the prior-year period to 496.48 billion rubles from 441.67 billion rubles, and total operating expenses increased on an annual basis to 344.28 billion rubles from 301.88 billion rubles.

The company said reported net income grew 246.5% year over year to 257.80 billion rubles, or 854.05 rubles per share, in the full year, from 74.40 billion rubles, or 246.32 rubles per share.

As of Feb. 22, US$1 was equivalent to 57.97 Russian rubles.