Rusneftegaz can publish results for the fourth quarter of the year as of and for the three and twelve months ended 31 December. These statements were prepared in accordance with International Financial Reporting Standards, otherwise known as IFRS, and have not been audited. The full results are disclosed in the financial section of the Group's website.
During the quarter, revenues amounted to $129,1 million and pre-tax profits totaled $48,8 million, representing a 5.4% decrease in turnover and a 22,4% fall in net profits compared to the same period in 2017. For the full financial year, total revenue recorded amounted to $537,9 million with the net profit reported totaling $230,5 million, illustrating an increase of 7,1% and 3,2% compared to 2017. Whilst the quarterly performance did not exceed the financial performance of the year before, other factors indicate that our organization is in robust health. In a climate of a weakening ruble and stagnating commodity prices, Rusneftegaz still produced a net profit for the year exceeding that reported in 2017, and did so in spite of lower production levels across all divisions. It is projected that 2019 will yield a greater financial performance than 2018, largely due to expected investments to be made in the coming twelve months.
The financial details in this article are current at the date of this report, and believed by Rusneftegaz to be accurate and true. All information is disclosed as a summary and does not purport to be complete. The data that this commentary is dependent on is obtained from sources believed to be reliable, but the Group, nor any of the directors, officers, employees, agents, subsidiaries or affiliates, can wholly guarantee the accuracy or completeness of such information.