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Gazprom Neft Q3 profit falls YOY

PJSC Gazprom Neft said its normalized net income for the third quarter came to 2.53 Russian rubles per share, a decrease of 68.6% from 8.05 rubles per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.94 billion rubles, a decrease of 68.6% from 37.99 billion rubles in the prior-year period.

The normalized profit margin dropped to 3.1% from 10.2% in the year-earlier period.

Total revenue increased year over year to 384.73 billion rubles from 373.89 billion rubles, and total operating expenses rose 8.2% from the prior-year period to 326.32 billion rubles from 301.55 billion rubles.

Reported net income fell 64.3% year over year to 18.54 billion rubles, or 3.93 rubles per share, from 51.95 billion rubles, or 11.01 rubles per share.

As of Nov. 23, US$1 was equivalent to 65.65 Russian rubles.