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Rosneft Oil profit misses consensus by 16.3% in Q1

PJSC Rosneft Oil Co. said its normalized net income for the first quarter amounted to 3.89 Russian rubles per share, compared with the S&P Capital IQ consensus estimate of 4.65 rubles per share.

EPS increased 16.2% year over year from 3.35 rubles.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 41.25 billion rubles, a gain of 16.2% from 35.50 billion rubles in the year-earlier period.

The normalized profit margin rose to 3.2% from 2.6% in the year-earlier period.

Total revenue declined 6.2% year over year to 1.259 trillion rubles from 1.342 trillion rubles, and total operating expenses declined on an annual basis to 1.120 trillion rubles from 1.158 trillion rubles.

Reported net income decreased 34.9% year over year to 56.00 billion rubles, or 5.28 rubles per share, from 86.00 billion rubles, or 8.11 rubles per share.

As of June 26, US$1 was equivalent to 55.12 Russian rubles.