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Tatneft profit misses consensus by 15.9% in Q1

PAO Tatneft said its normalized net income for the first quarter was 9.03 Russian rubles per share, compared with the S&P Capital IQ consensus estimate of 10.74 rubles per share.

EPS decreased 5.2% year over year from 9.53 rubles.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.51 billion rubles, a decline of 5.2% from 21.64 billion rubles in the prior-year period.

The normalized profit margin climbed to 17.0% from 16.0% in the year-earlier period.

Total revenue declined 10.4% year over year to 120.98 billion rubles from 135.06 billion rubles, and total operating expenses fell 9.3% from the prior-year period to 87.26 billion rubles from 96.22 billion rubles.

Reported net income fell 33.7% from the prior-year period to 17.62 billion rubles, or 7.76 rubles per share, from 26.57 billion rubles, or 11.70 rubles per share.

As of June 9, US$1 was equivalent to 64.14 Russian rubles.