Rusneftegaz can publish results for the second quarter of the year as of and for the three and six months ended 30 June. 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, trading conditions during the period have been varied, with heightened extraction rates offsetting devaluation in the ruble. The revenues reported during the quarter amounted to $153,1 million, indicative of an increase of 9,5%, with net profits falling by 5,3% to $60,7 million when these figures are compared to the same period last year. Similarly in the first six months of the year, the total turnover recorded amounted to $283,6 million, with a pre-tax profit totaling $106,7 million. This represents a revenue increase of 8,8% and a 5,9% decline in net profit compared to the first six months of 2018. Despite fluctuations, such results have been perceived positively by management, whom have thus invested significantly during the first six months of year by spending $150,3 million in total, up 33,2% from $112,9 million the year prior. Commodity prices and the ruble are projected to be more stable during the third quarter, although management expects a marginal decline in revenue during the next quarter as a result of decreased electricity output. It is also anticipated the Group will announce record revenues from international sales in 2020, this is following a series of major contracts being negotiated and agreed in the past six months for the long-term supply of both crude and refined petroleum products worldwide. Similarly, a significant global expansion program also began in earnest during the second period, with initial negotiations to purchase a power station beginning in May. This is in addition to the imminent publication of plans to begin trading operations from an international trading office next year, which should yield additional turnover and profits from multinational commodity sales.
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.