Rusenftegaz can publish results for the first quarter of the year as of and for the three months ended 31 March. 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.
Overall, total revenues during the quarter fell to $88.6m, a decrease of 15.0%, and reported net profits amounted to $39.5m, representing an increase of 0.3%. During the period, the Group also published its consolidated financial statements for the last financial year, showing revenue of $431.2m and a total profit of $153.7m, both up significantly from the previous year. The decrease in revenue can be attributed to weak commodity prices and the fall in value of the Group's functional currency, the Russian Ruble. However, falls in revenue have been offset by increases to net profits, a result of a large decrease in fuel costs.
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.