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Gazprom Neft Q4 loss narrows YOY

PJSC Gazprom Neft said its fourth-quarter normalized net income amounted to a loss of 1.39 Russian rubles per share, compared with a loss of 3.87 rubles per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.56 billion rubles, compared with a loss of 18.26 billion rubles in the year-earlier period.

The normalized profit margin rose to negative 1.8% from negative 5.3% in the year-earlier period.

Total revenue rose 6.4% on an annual basis to 368.12 billion rubles from 345.92 billion rubles, and total operating expenses increased from the prior-year period to 337.98 billion rubles from 322.26 billion rubles.

Reported net income came to a loss of 21.22 billion rubles, or a loss of 4.50 rubles per share, compared with a loss of 17.42 billion rubles, or a loss of 3.70 rubles per share, in the year-earlier period.

For the year, the company's normalized net income totaled 16.78 rubles per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 45.03 rubles.

EPS declined from 18.36 rubles in the prior year.

Normalized net income was 79.16 billion rubles, a decrease from 86.61 billion rubles in the prior year.

Full-year total revenue grew year over year to 1.468 trillion rubles from 1.408 trillion rubles, and total operating expenses grew year over year to 1.271 trillion rubles from 1.197 trillion rubles.

The company said reported net income declined on an annual basis to 109.66 billion rubles, or 23.24 rubles per share, in the full year, from 122.09 billion rubles, or 25.88 rubles per share.

As of March 2, US$1 was equivalent to 73.59 Russian rubles.