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Statoil profit misses consensus by 19.6% in Q3

Statoil ASA said its normalized net income for the third quarter was 14 Norwegian øre per share, compared with the S&P Capital IQ consensus estimate of 18 øre per share.

EPS fell 81.1% year over year from 76 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 454.1 million kroner, a decline of 81.1% from 2.40 billion kroner in the year-earlier period.

The normalized profit margin dropped to 3.4% from 10.5% in the year-earlier period.

Total revenue fell 42.6% year over year to 13.15 billion kroner from 22.92 billion kroner, and total operating expenses fell 34.6% from the prior-year period to 12.47 billion kroner from 19.08 billion kroner.

Reported net income came to a loss of 328.1 million kroner, or a loss of 10 øre per share, compared with a loss of 731.4 million kroner, or a loss of 23 øre per share, in the year-earlier period.

As of Oct. 28, US$1 was equivalent to 8.46 Norwegian kroner.