KazMunaiGas Exploration Production (Kazakhstan) announced 1H Y2013 financial results
August 14. KASE
KazMunaiGas Exploration Production (Astana), shares of which are officially listed on Kazakhstan Stock Exchange (KASE), provided to KASE the following press release of August 14, 2013:
JSC KazMunaiGas Exploration Production (“KMG EP” or “the Company”) announces its condensed consolidated interim financial statements for the six months ended June 30, 2013.
– Revenues decreased by 4% to 384bn Tenge (US$2,544m)1 compared to the same period of 2012, largely due to a drop of oil price and lower export volumes, which was partially offset by higher domestic price and volumes. The average price of Brent in the first six months of 2013 was 5% lower than in the same period of 2012, down from US$114 per barrel to US$108 per barrel.
– Net profit amounted to 38.8bn Tenge (US$257m), which is 68% lower than in the same period of last year, largely due to an impairment charge posted in 1Q2013. Earnings per share stood at 570 Tenge (US$0.63 per GDR). Net profit in 2Q2013 was 39.5bn Tenge (US$262m) compared to a net loss of 0.7bn Tenge (US$4m) in 1Q2013.
– Production expenses amounted to 82bn Tenge (US$546m), which is 17% higher compared to the same period of 2012. A significant part of the production cost increase is due to increased expenses for employee benefits, energy and repairs and maintenance.