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Gazprom Neft swings to profit in Q4

PJSC Gazprom Neft said its fourth-quarter normalized net income was 9.31 Russian rubles per share, compared with a loss of 1.39 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 43.91 billion rubles, compared with a loss of 6.56 billion rubles in the year-earlier period.

The normalized profit margin climbed to 10.1% from negative 1.8% in the year-earlier period.

Total revenue grew 18.0% year over year to 434.49 billion rubles from 368.12 billion rubles, and total operating expenses climbed 7.5% year over year to 356.05 billion rubles from 331.13 billion rubles.

Reported net income came to 52.70 billion rubles, or 11.17 rubles per share, compared with a loss of 21.22 billion rubles, or a loss of 4.50 rubles per share, in the prior-year period.

For the year, the company's normalized net income totaled 32.92 rubles per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 40.12 rubles.

EPS rose from 16.78 rubles in the prior year.

Normalized net income was 155.30 billion rubles, a rise from 79.16 billion rubles in the prior year.

Full-year total revenue rose from the prior-year period to 1.546 trillion rubles from 1.468 trillion rubles, and total operating expenses increased on an annual basis to 1.310 trillion rubles from 1.264 trillion rubles.

The company said reported net income increased year over year to 200.18 billion rubles, or 42.43 rubles per share, in the full year, from 109.66 billion rubles, or 23.24 rubles per share.

As of Feb. 22, US$1 was equivalent to 57.97 Russian rubles.