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.
The revenues reported during the quarter amounted to $114.1m, with pre-tax profits amounting to $46.2m, representing a year-on-year decline of 10.3% and an increase of 8.0% respectively. For the first six months of the year, total revenue recorded amounted to $202.7m, with the net profit reported totalling $85.7m, equating to a revenue decrease of 12.4% and a 4.3% increase in net profit compared to 2015. In a continuation of the trend from the last quarter, the falls in revenue is offset by a rise in net profits. Whilst commodity prices and the Groups's functional currency, the Russian Ruble, continue to be low, the corresponding fall in fuel costs means that the Group continues to have a positive outlook for the next quarter.
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.