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Tatneft profit misses consensus by 40.9% in Q3

PAO Tatneft said its third-quarter normalized net income amounted to 8.06 Russian rubles per share, compared with the S&P Capital IQ consensus estimate of 13.64 rubles per share.

EPS climbed year over year from 7.90 rubles.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 18.30 billion rubles, an increase from 17.94 billion rubles in the year-earlier period.

The normalized profit margin dropped to 13.6% from 14.1% in the year-earlier period.

Total revenue rose 6.0% year over year to 134.59 billion rubles from 126.95 billion rubles, and total operating expenses grew 8.2% from the prior-year period to 105.89 billion rubles from 97.89 billion rubles.

Reported net income rose 5.7% from the prior-year period to 23.27 billion rubles, or 10.25 rubles per share, from 22.02 billion rubles, or 9.70 rubles per share.

As of Nov. 27, US$1 was equivalent to 66.06 Russian rubles.