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Transneft Q1 profit climbs 50.1% YOY

PJSC Transneft said its first-quarter normalized net income amounted to 47.72 billion rubles, a gain of 50.1% from 31.80 billion rubles in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 23.7% from 16.9% in the year-earlier period.

Total revenue climbed 7.1% on an annual basis to 201.48 billion rubles from 188.11 billion rubles, and total operating expenses climbed 5.0% year over year to 129.43 billion rubles from 123.30 billion rubles.

Reported net income totaled 63.26 billion rubles, compared with 40.21 billion rubles in the prior-year period.

As of June 2, US$1 was equivalent to 53.12 Russian rubles.