Transneft Drops Most in 7 Months, VTB Capital Cites Ebitda

OAO Transneft, Russia’s oil pipeline operator, fell the most in seven months as VTB Capital said its fourth-quarter earnings missed estimates after a $263 million trading loss.

Transneft’s preferred shares tumbled 6.5 percent to 44,846 rubles at the 6:45 p.m. close in Moscow, the biggest drop since Oct. 4 and the lowest level since Nov. 16.

The company posted a “disappointing” $2.22 billion in fourth-quarter earnings before interest, tax, depreciation and amortization, or Ebitda, VTB analyst Olga Danilenko said by phone. That missed VTB’s estimates by 7 percent because of a $263 million trading loss, Danilenko said.

Net income in 2011 climbed to 188.1 billion rubles ($6.1 billion) from 118.6 billion rubles a year earlier under international financial reporting standards, Transneft said today on its website. That beat the average estimate of 186 billion rubles from 10 analysts surveyed by Bloomberg.

To contact the reporter on this story: Ksenia Galouchko in New York at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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