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, total revenue amounted to $113.6m, of which net profits amounted to $45.5m. Such figures represent a revenue rise of 7.5% and a net profit increase of 18.4%. Total revenue reported for the first nine months of the year amounted to $316.4m, a decrease of 6.3% year-on-year, with the total net profit recorded totalling $131.2m, representing an increase of 8.8% at the same point last year. The financial performance during the third quarter of the year is significant due to the reversal of the year-on-year declines in revenue reported during the first six months of the year. This change is largely ascribable to the strengthening of the Russian Ruble during the period, whereas the rise in net profit is because of the decline in business expenses, namely taxes and fuel costs.
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.