Public Joint-Stock Co. OR said its first-half normalized net income was 2.01 Russian rubles per share, a decline of 41.0% from 3.40 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 141.8 million rubles, a decline of 41.0% from 240.3 million rubles in the prior-year period.

Total revenue rose 6.8% on an annual basis to 3.97 billion rubles from 3.71 billion rubles, and total operating expenses grew 9.4% on an annual basis to 3.49 billion rubles from 3.19 billion rubles.

Reported net income fell 29.3% on an annual basis to 224.5 million rubles, or 3.18 rubles per share, from 317.4 million rubles, or 4.49 rubles per share.

As of Sept. 30, US$1 was equivalent to 63.03 Russian rubles.