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Tatneft Q1 profit climbs 35.0% YOY

PAO Tatneft said its normalized net income for the first quarter amounted to 12.30 Russian rubles per share, compared with the S&P Capital IQ consensus estimate of 13.49 rubles per share.

EPS rose 36.2% year over year from 9.03 rubles.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 27.69 billion rubles, a gain of 35.0% from 20.51 billion rubles in the year-earlier period.

The normalized profit margin declined to 16.6% from 17.0% in the year-earlier period.

Total revenue climbed 37.6% on an annual basis to 166.44 billion rubles from 120.98 billion rubles, and total operating expenses increased 42.2% year over year to 124.73 billion rubles from 87.69 billion rubles.

Reported net income increased 102.0% from the prior-year period to 35.59 billion rubles, or 15.81 rubles per share, from 17.62 billion rubles, or 7.76 rubles per share.

As of June 8, US$1 was equivalent to 56.95 Russian rubles.