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Novatek profit misses consensus by 15.7% in Q2

PAO NOVATEK said its second-quarter normalized net income was 100.28 Russian rubles per share, compared with the S&P Capital IQ consensus estimate of 118.94 rubles per share.

EPS climbed 23.6% year over year from 81.12 rubles.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 30.29 billion rubles, a gain of 23.6% from 24.51 billion rubles in the year-earlier period.

The normalized profit margin fell to 27.0% from 27.7% in the year-earlier period.

Total revenue rose 27.0% on an annual basis to 112.24 billion rubles from 88.37 billion rubles, and total operating expenses rose 48.5% on an annual basis to 79.96 billion rubles from 53.86 billion rubles.

Reported net income rose 31.2% from the prior-year period to 41.92 billion rubles, or 138.79 rubles per share, from 31.95 billion rubles, or 105.76 rubles per share.

As of July 31, US$1 was equivalent to 61.02 Russian rubles.