The market consensus (compiled ty the Moscow Exchange itself) expects net profit to reach RUB2.98bn in 1Q19 (down 30.5% YoY). In 1Q19, MOEX created grain market-related provision of RUB2.4bn to cover storage-related risks. Hence, adjusting for one-off expenses, the market looks for adjusted net profit to reach RUB5.38mn (which in fact would be a 4.6% YoY increase).
In more detail, consensus expectations stand at:
F&C income increase of 4.6% YoY to RUB5.76bn in 1Q19.
Net interest income & other finance income 8% decrease to RUB4.02bn
7.9% YoY growth in operating expenses to RUB3.8bn
EBITDA growth of 9.0% YoY to RUB6.9bn in 1Q19 and EBITDA margin increasing 6ppts YoY to 70%

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