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Likhachov Plant Q2 loss narrows YOY

Public Joint-Stock Co. Likhachov Plant said its second-quarter normalized net income amounted to a loss of 453.1 million rubles, compared with a loss of 552.6 million rubles in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 172.9% from negative 163.3% in the year-earlier period.

Total revenue decreased 22.6% year over year to 262.0 million rubles from 338.3 million rubles, and total operating expenses declined 37.1% from the prior-year period to 518.8 million rubles from 824.5 million rubles.

Reported net income came to a loss of 471.2 million rubles, or a loss of 177.16 rubles per share, compared to a loss of 727.3 million rubles in the prior-year period.

As of Aug. 14, US$1 was equivalent to 64.65 Russian rubles.