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Transneft Q1 profit climbs 20.5% YOY

PJSC Transneft said its first-quarter normalized net income came to 57.50 billion rubles, a rise of 20.5% from 47.72 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 rose to 28.7% from 23.7% in the year-earlier period.

Total revenue grew year over year to 204.00 billion rubles from 201.48 billion rubles, and total operating expenses increased from the prior-year period to 133.62 billion rubles from 131.25 billion rubles.

Reported net income came to 75.62 billion rubles, compared with 63.26 billion rubles in the prior-year period.

As of June 3, US$1 was equivalent to 66.00 Russian rubles.