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Krasnyj Octyabr Q4 profit falls YOY

Joint-Stock Co. Krasnyj Octyabr said its fourth-quarter normalized net income was 13.83 Russian rubles per share, a decline of 73.9% from 52.94 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 127.5 million rubles, a decline of 73.9% from 488.0 million rubles in the year-earlier period.

The normalized profit margin fell to 1.8% from 6.9% in the year-earlier period.

Total revenue decreased on an annual basis to 6.89 billion rubles from 7.11 billion rubles, and total operating expenses climbed 19.0% from the prior-year period to 5.89 billion rubles from 4.95 billion rubles.

Reported net income declined 89.4% from the prior-year period to 68.4 million rubles, or 7.42 rubles per share, from 646.5 million rubles, or 70.13 rubles per share.

For the year, the company's normalized net income totaled 24.52 rubles per share, a decrease of 67.5% from 75.41 rubles per share in the prior year.

Normalized net income was 226.0 million rubles, a decline of 67.5% from 695.1 million rubles in the prior year.

Full-year total revenue fell from the prior-year period to 14.47 billion rubles from 15.07 billion rubles, and total operating expenses increased 5.6% year over year to 14.60 billion rubles from 13.82 billion rubles.

The company said reported net income decreased 79.1% year over year to 188.0 million rubles, or 20.40 rubles per share, in the full year, from 899.9 million rubles, or 97.63 rubles per share.

As of April 28, US$1 was equivalent to 56.98 Russian rubles.