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Novatek profit misses consensus by 84.5% in Q2

PAO NOVATEK said its second-quarter normalized net income was 24.02 Russian rubles per share, compared with the S&P Capital IQ consensus estimate of 154.93 rubles per share.

EPS fell 77.5% year over year from 106.56 rubles.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.25 billion rubles, a decline of 77.5% from 32.17 billion rubles in the year-earlier period.

The normalized profit margin fell to 5.6% from 25.3% in the year-earlier period.

Total revenue grew year over year to 128.83 billion rubles from 127.39 billion rubles, and total operating expenses grew on an annual basis to 93.68 billion rubles from 91.79 billion rubles.

Reported net income fell 92.9% from the prior-year period to 3.24 billion rubles, or 10.75 rubles per share, from 45.93 billion rubles, or 152.15 rubles per share.

As of July 26, US$1 was equivalent to 59.87 Russian rubles.