Rusneftegaz can publish results for the third quarter of the year as of and for the three and nine months ended 30 September. 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.
During the quarter, Rusneftegaz achieved record revenues and profits, with total revenue amounting to $148,1 million and net profits totaling $68,3 million. Such figures represent a revenue rise of 17,9% and a net profit increase of 26,5% from the corresponding period in 2017. Total turnover reported for the first nine months of the year amounted to $408,7 million, an increase of 11,7% year-on-year, with the total net profit recorded totaling $181,7 million, representing year-on-year growth of 13,2%. The rises in the reported figures can be attributed to further rises in commodity prices during the quarter, with upwardly trends bolstering our trading results significantly during the 2018. Likewise, the ongoing overhaul of our electricity infrastructure has also improved the efficiency and profitability of power generation, with this phase of the modernization program set to be completed in 2019. However, present indications in the fourth quarter suggest that whilst financial performance is likely to be strong, the results reported in the third quarter are unlikely to be replicated due to increasing volatility in commodity prices.
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.