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Novatek profit misses consensus by 27.0% in Q4

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Novatek profit misses consensus by 27.0% in Q4

PAO NOVATEK said its normalized net income for the fourth quarter amounted to 31.08 Russian rubles per share, compared with the S&P Capital IQ consensus estimate of 42.60 rubles per share.

The per-share result swung to a profit from the prior-year loss of 58.82 rubles.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.39 billion rubles, compared with a loss of 17.77 billion rubles in the prior-year period.

The normalized profit margin rose to 9.7% from negative 18.5% in the year-earlier period.

Total revenue increased 37.7% on an annual basis to 131.97 billion rubles from 95.86 billion rubles, and total operating expenses grew 40.4% on an annual basis to 96.77 billion rubles from 68.91 billion rubles.

Reported net income totaled 13.82 billion rubles, or 45.75 rubles per share, compared with a loss of 27.44 billion rubles, or a loss of 90.84 rubles per share, in the prior-year period.

For the year, the company's normalized net income totaled 190.87 rubles per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 349.78 rubles.

EPS rose from 103.51 rubles in the prior year.

Normalized net income was 57.65 billion rubles, a rise from 31.28 billion rubles in the prior year.

Full-year total revenue increased year over year to 475.32 billion rubles from 357.64 billion rubles, and total operating expenses rose on an annual basis to 335.74 billion rubles from 233.28 billion rubles.

The company said reported net income rose on an annual basis to 74.40 billion rubles, or 246.32 rubles per share, in the full year, from 37.30 billion rubles, or 123.41 rubles per share.

As of Feb. 26, US$1 was equivalent to 75.47 Russian rubles.