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Gazprom Neft Q2 profit falls YOY

PJSC Gazprom Neft said its normalized net income for the second quarter amounted to 7.62 Russian rubles per share, a decrease of 34.2% from 11.59 rubles per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 35.99 billion rubles, a decrease of 34.2% from 54.66 billion rubles in the year-earlier period.

The normalized profit margin fell to 9.7% from 14.1% in the year-earlier period.

Total revenue decreased on an annual basis to 371.72 billion rubles from 386.85 billion rubles, and total operating expenses rose 6.1% year over year to 330.80 billion rubles from 311.75 billion rubles.

Reported net income declined 33.3% from the prior-year period to 48.85 billion rubles, or 10.35 rubles per share, from 73.22 billion rubles, or 15.52 rubles per share.

As of Aug. 25, US$1 was equivalent to 64.70 Russian rubles.