Rusneftegaz 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 rose to $121.6m, an increase of 37.2%, and reported net profits amounted to $54.2m, also representing an increase of 37.2%. A the beginning of the second quarter in April, the Group also published its consolidated financial statements for the last financial year, showing revenue of $441.0m and a total profit of $178.2m, both up 2.3% and 15.9% respectively from the previous year. The increases in revenues and reported profits can be attributed to a multitude of factors. Most significantly, year-on-year commodity price rises have increased the amount of revenue recorded by the Group. Likewise, greater and more efficient production has resulted in increased electric and oil output.
The financial details in this article are current at the date of this report, and believed by the 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.