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Tatneft Q1 profit climbs 17.5% YOY

PAO Tatneft said its first-quarter normalized net income was 9.53 Russian rubles per share, compared with the S&P Capital IQ consensus estimate of 9.64 rubles per share.

EPS climbed 17.5% year over year from 8.11 rubles.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 21.64 billion rubles, an increase of 17.5% from 18.42 billion rubles in the prior-year period.

The normalized profit margin climbed to 16.0% from 15.8% in the year-earlier period.

Total revenue grew 15.7% year over year to 135.06 billion rubles from 116.74 billion rubles, and total operating expenses rose 15.2% on an annual basis to 96.22 billion rubles from 83.53 billion rubles.

Reported net income increased 8.9% on an annual basis to 26.57 billion rubles, or 11.70 rubles per share, from 24.39 billion rubles, or 10.74 rubles per share.

As of June 12, US$1 was equivalent to 55.12 Russian rubles.