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Magnit H2 profit falls YOY

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Magnit H2 profit falls YOY

Public Joint Stock Co. Magnit said its normalized net income for the second half was $3.71 per share, a decrease of 6.1% from $3.95 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $350.9 million, a decline of 6.1% from $373.6 million in the year-earlier period.

Total revenue grew 12.3% year over year to $8.61 billion from $7.67 billion, and total operating expenses grew 14.5% year over year to $7.98 billion from $6.98 billion.

Reported net income fell 16.8% year over year to $440.1 million, or $4.65 per share, from $528.7 million, or $5.59 per share.

For the year, the company's normalized net income totaled $6.78 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $9.74.

EPS declined 12.2% from $7.72 in the prior year.

Normalized net income was $641.3 million, a decline of 12.2% from $730.0 million in the prior year.

Full-year total revenue rose on an annual basis to $16.03 billion from $15.59 billion, and total operating expenses rose on an annual basis to $14.87 billion from $14.24 billion.

The company said reported net income fell 16.2% on an annual basis to $811.7 million, or $8.58 per share, in the full year, from $968.9 million, or $10.25 per share.