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Transneft Q3 profit falls YOY

PJSC Transneft said its third-quarter normalized net income amounted to 10.39 billion rubles, a decrease of 47.7% from 19.86 billion 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 dropped to 5.1% from 10.1% in the year-earlier period.

Total revenue increased year over year to 202.97 billion rubles from 196.02 billion rubles, and total operating expenses increased from the prior-year period to 139.49 billion rubles from 135.56 billion rubles.

Reported net income totaled 14.65 billion rubles, compared with 25.52 billion rubles in the year-earlier period.

As of Dec. 3, US$1 was equivalent to 68.05 Russian rubles.