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Tatneft Q2 profit climbs 8.6% YOY

PAO Tatneft said its normalized net income for the second quarter came to 10.40 Russian rubles per share, compared with the S&P Capital IQ consensus estimate of 11.62 rubles per share.

EPS climbed 8.6% year over year from 9.57 rubles.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 23.61 billion rubles, an increase of 8.6% from 21.74 billion rubles in the prior-year period.

The normalized profit margin declined to 16.3% from 17.0% in the year-earlier period.

Total revenue increased 12.7% year over year to 144.45 billion rubles from 128.12 billion rubles, and total operating expenses increased 14.1% on an annual basis to 104.37 billion rubles from 91.44 billion rubles.

Reported net income grew 8.4% from the prior-year period to 29.46 billion rubles, or 12.97 rubles per share, from 27.17 billion rubles, or 11.97 rubles per share.

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