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.
The total revenues recorded during the quarter fell to $120.7m, a decrease of 0.7%, and reported net profits amounted to $49.3m, representing a decline of 9.0%. At the beginning of the second quarter, the Group also published its consolidated financial statements for the 2017 financial year, with total revenue amounting to $502.3m and a net profit of $223.4m, both up 13.9% and 25.4% respectively from the previous year. This increase in revenue and reported profit is attributed to economics trends during the period, such as a year-on-year commodity price increase, in addition to greater more efficient production, resulting from an increased electric and oil output.
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.