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Gazprom Neft Q1 profit climbs 6.5% YOY

PJSC Gazprom Neft said its first-quarter normalized net income came to 6.60 Russian rubles per share, an increase of 6.5% from 6.19 rubles per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.12 billion rubles, a gain of 6.5% from 29.23 billion rubles in the prior-year period.

The normalized profit margin increased to 9.4% from 8.9% in the year-earlier period.

Total revenue came to 329.95 billion rubles, compared with 328.25 billion rubles in the year-earlier period, and total operating expenses grew on an annual basis to 281.50 billion rubles from 278.63 billion rubles.

Reported net income grew 6.2% on an annual basis to 41.52 billion rubles, or 8.80 rubles per share, from 39.11 billion rubles, or 8.29 rubles per share.

As of May 31, US$1 was equivalent to 66.06 Russian rubles.