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 $139.9m, with net profits amounting to $64.1m, indicative of respective increases of 18.0% and 22.5% compared to the same period last year. Similarly in the first six months of the year, the total revenue recorded amounted to $260.6m, with a pre-tax profit totalling $113.4m. This represents a revenue increase of 8.5% and a 6.5% increase in net profit compared to the first six months of 2017. The material rise in revenue and profits during the quarter can be attributed to ascension in commodity prices during the period. Whilst the market is volatile and subject to manipulation from geopolitical factors, trends are generally positive in favour of the Group. Long-term factors, including improving efficiency and production cost-savings, are similarly responsible for the reported rises.
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.