KazMunaiGas EP 2012 net profit 23% less than 2011

Mar 16. Tengrinews

KazMunaiGas EP 2012 net profit 23% less than 2011Kazakhstan’s KazMunaiGas Exploration&Production has published its consolidated financial reports for 2012, Tengrinews.kz reports citing the company’s press-service.

“Net profit made 161 billion tenge ($1 billion), which is 23 percent less than in 2011,” the message states.

Lowering of the net profit is mainly related to acknowledgement of impairment of the fixed assets, raise of the income tax, increased expenses on salaries and lowered incomes from participation in joint and associated companies.

The income in 2012 made 797 billion tenge ($5.3 billion), which is 11 percent more than in 2011. According to the company’s press-service, this is mainly related to the 6% increase of export and growth of the average cost of supplies to the domestic market by 39 percent, compared to 2011.

KazMunaiGas Exploration and Production is a London Stock Exchange-listed company oil and gas company operating in Kazakhstan. KazMunayGas Kazakhstan national company is its majority owner. KazMunaiGas E&P explores hydrocarbons in Mangistau, Atyrau and Kyzylorda oblasts of Kazakhstan.