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.
Total revenues during the quarter equated to $124,6 million and pre-tax profits amounted to $47,0 million, indicative of a 32,5% increase in turnover and a 41,9% rise in net profits compared to the same period last year. For the year, total revenue recorded aggregated to $441,0 million with the total net profit recorded totaling $178,2 million, representing increases of 2,2% and 15,9% compared to 2015. During the year, numerous factors can be attributed to maintaining our strong financial performance. However for the fourth quarter, growth in revenues and profits can be attributed to the strengthening of the Group's functional currency as per the last quarter. Moreover, whilst the rate of the rise of the ruble has slowed, the price of crude has significantly increased to offset the fall in volumes of oil produced during the period.
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.