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Transneft swings to profit in Q4

PJSC Transneft said its fourth-quarter normalized net income amounted to 455.66 Russian rubles per share, compared with a loss of 4,374.68 rubles per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.24 billion rubles, compared with a loss of 31.07 billion rubles in the year-earlier period.

The normalized profit margin climbed to 0.5% from negative 15.5% in the year-earlier period.

Total revenue climbed on an annual basis to 205.64 billion rubles from 200.44 billion rubles, and total operating expenses grew 10.6% year over year to 167.02 billion rubles from 150.98 billion rubles.

Reported net income totaled 9.10 billion rubles, or 1,280.68 rubles per share, compared with a loss of 57.79 billion rubles, or a loss of 8,137.74 rubles per share, in the prior-year period.

For the year, the company's normalized net income totaled 14,868.72 rubles per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 28,346.38 rubles.

EPS rose from 8,447.88 rubles in the prior year.

Normalized net income was 105.59 billion rubles, a gain from 59.99 billion rubles in the prior year.

Full-year total revenue rose year over year to 815.65 billion rubles from 774.38 billion rubles, and total operating expenses increased year over year to 578.12 billion rubles from 540.33 billion rubles.

The company said reported net income rose 144.0% year over year to 143.38 billion rubles, or 20,189.19 rubles per share, in the full year, from 58.77 billion rubles, or 8,275.04 rubles per share.

As of April 7, US$1 was equivalent to 68.27 Russian rubles.