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Gazprom Neft Q1 profit climbs YOY

PJSC Gazprom Neft said its normalized net income for the first quarter was 6.19 Russian rubles per share, an increase from 5.93 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 29.23 billion rubles, a gain from 27.98 billion rubles in the year-earlier period.

The normalized profit margin increased to 8.9% from 8.7% in the year-earlier period.

Total revenue grew on an annual basis to 328.25 billion rubles from 320.01 billion rubles, and total operating expenses climbed 5.2% year over year to 278.63 billion rubles from 264.73 billion rubles.

Reported net income rose from the prior-year period to 39.11 billion rubles, or 8.29 rubles per share, from 37.84 billion rubles, or 8.02 rubles per share.

As of May 19, US$1 was equivalent to 49.52 Russian rubles.