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Transneft Q1 profit climbs 6.5% YOY

PJSC Transneft said its normalized net income for the first quarter amounted to 62.34 billion rubles, a rise of 6.5% from 58.54 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 fell to 28.5% from 28.7% in the year-earlier period.

Total revenue increased 7.4% year over year to 219.07 billion rubles from 204.00 billion rubles, and total operating expenses grew 10.3% from the prior-year period to 147.36 billion rubles from 133.64 billion rubles.

Reported net income came to 79.45 billion rubles, compared with 75.62 billion rubles in the prior-year period.

As of June 2, US$1 was equivalent to 56.68 Russian rubles.