Russia’s Rosgeo expects 11-pct increase in revenue for 2018

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Russian exploration company Rosgeo expects to see its revenue up 10.8 percent in 2018, the head of the company has said.

“Under the International Financial Reporting Standards, by the end of 2018, the revenue is expected to reach 41 billion rubles (725.38 million U.S. dollars), a 10.8 percent of increase compared with 2017,” TASS news agency quoted Roman Panov, head of Rosgeo as saying.

The revenue for 2017 amounted to 37 billion rubles (654.61 million dollars), said Panov, who also disclosed that the volume of Rosgeo investments amounted to 4.5 billion rubles (79.61 million dollars) in 2017, and a similar amount has been pledged for 2018.

Established in 2011, the company conducts geological exploration for various solid minerals including gold, silver and platinum, and resources such as natural gas.

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