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Novatek swings to loss in Q3

PAO NOVATEK said its normalized net income for the third quarter came to a loss of 17.55 Russian rubles per share, compared with 23.54 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 a loss of 5.30 billion rubles, compared with income of 7.11 billion rubles in the year-earlier period.

The normalized profit margin fell to negative 4.5% from 8.4% in the year-earlier period.

Total revenue increased 38.5% year over year to 117.37 billion rubles from 84.73 billion rubles, and total operating expenses rose 52.4% year over year to 84.95 billion rubles from 55.76 billion rubles.

Reported net income came to a loss of 12.42 billion rubles, or a loss of 41.11 rubles per share, compared with income of 7.63 billion rubles, or 25.25 rubles per share, in the prior-year period.

As of Oct. 29, US$1 was equivalent to 64.12 Russian rubles.