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Transneft posts lower quarterly profit

Russian oil pipeline company PJSC Transneft's net profit in the first quarter fell to 47.03 billion rubles from 79.45 billion rubles in the same quarter a year prior, as operating expenses increased.

Revenue rose to 225.24 billion rubles for the quarter, up from 219.07 billion rubles.

Oil transportation services revenue came in at 167.69 billion rubles, up from 163.12 billion rubles, while revenue in Transneft's oil products transportation services rose to 20.40 billion rubles from 19.43 billion rubles.

Operating expenses increased to 117.92 billion rubles from 108.90 billion rubles, resulting in an operating profit of 63.72 billion rubles, down from 72.79 billion rubles. Transneft said the increase in expenses stemmed from higher labor, social security and insurance costs as well as higher property tax expenditures.

As of June 1, US$1 was equivalent to 62.15 Russian rubles.