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 $144.6m, with net profits amounting to $74.9m, indicative of respective increases of 3.4% and 16.9% compared to the same period last year. Similarly in the first six months of the year, the total revenue recorded amounted to $281.7m, with a pre-tax profit totalling $142.1m. This represents a revenue increase of 8.1% and a 25.3% rise in net profit compared to the first six months of 2018. Such results have been perceived positively by management, whom have thus invested significantly during the first six months of year, spending $124.4m in total, up 10.2% from $112.9m the year prior. Commodity prices and the Ruble are projected to be more stable during the third quarter, although management expects a significant rise in revenue during the next quarter as a result of the undertaking of new operations. This come as a result of Rusneftegaz beginning international expansion in earnest during the current period, and will begin negotiations for two power stations in September.
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.