Net profit of Transneft under IFRS for 9 months. decreased by 24%

Net profit "Transneft" according to IFRS for 9 months. decreased by 24% Net profit "Transneft" according to IFRS in the third quarter remained at the level of the same period last year and amounted to 38 billion rubles, follows from the company's report. This value is in line with the consensus forecast that "Interfax".

Compared to the second quarter of 2020, the indicator increased by 23 billion rubles. or 2.5 times. According to the results of nine months, profit decreased by 24% year-on-year to RUB 110 billion.

Revenue in the reporting quarter decreased by 18% year-on-year, to RUB 225 billion, over nine months, the decline was 10%, to RUB 716 billion. The dynamics is mainly due to a decrease in revenues from the transportation of oil and oil products by 32 billion rubles, proceeds from the sale of stevedoring, additional port services and fleet services by 3 billion rubles, the company explains..

EBITDA in July-September amounted to 93 billion, which is 28% lower than the same period last year, for nine months - 342 billion rubles. (-nine%).

The total debt as of September 30, 2020 amounted to 646 billion rubles, which is 1% higher than the corresponding figure as of December 31, 2019.

Feature of production and financial results "Transneft" nine months was a combination of strong results in the first four months of 2020 and significantly lower performances since May 1, following the entry into force of the OPEC + deal. Due to the decrease in oil production in Russia and the volume of oil transportation through the system "Transneft (MCX: TRNF_p)" as a result of the OPEC + deal, the company is implementing measures to further reduce costs and transfer part of the costs to a later period, the monopoly reminds. Oil pumping through the system "Transneft" decreased in nine months by 7.5%, to 334.8 million tons, in the III quarter fell by 16.7%, to 105.6 million tons.