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Statoil profit beats consensus by 70.4% in Q1

Statoil ASA said its normalized net income for the first quarter was 27 Norwegian øre per share, compared with the S&P Capital IQ consensus estimate of 16 øre per share.

EPS declined 83.9% year over year from 1.69 kroner.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 864.1 million kroner, a decrease of 84.1% from 5.42 billion kroner in the prior-year period.

The normalized profit margin fell to 11.3% from 19.1% in the year-earlier period.

Total revenue decreased 47.7% on an annual basis to 14.83 billion kroner from 28.36 billion kroner, and total operating expenses fell 33.9% from the prior-year period to 13.71 billion kroner from 20.73 billion kroner.

Reported net income totaled a loss of 4.41 billion kroner, or a loss of 1.39 kroner per share, compared with income of 3.96 billion kroner, or 1.23 kroner per share, in the year-earlier period.

As of April 30, US$1 was equivalent to 7.54 Norwegian kroner.