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 amounted to $124.6m and net profits amounted to $47.0m, indicative of a 32.5% increase in revenue and a 41.9% rise in net profits compared to the same period last year. For the year, total revenue recorded amounted to $441.0m with the total net profit recorded totalling $178.2m, representing increases of 2.2% and 15.9% compared to 2015. During the year, numerous factors can be attributed to maintaining the Group's strong financial performance. However for the fourth quarter, increases 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 oil has significantly increased and 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.