Net profit of KMG EP lowered by 3 times in 2014
Astana. March 3. KazTAG - The net profit of Exploration and Production KazMunayGas (EP KMG) has lowered by three times to 47 bln tenge in 2014, reports the company.
"Net profit for 2014 was 47 bln tenge (US$263m), a 67% decrease compared to 2013, largely due to a significant impairment charge in relation to JSC Ozenmunaigas recognized in Q4 2014," the company reports.
The company also recorded 53 bln tenge (US$296) foreign currency translation difference, thus total comprehensive income, net of tax was 100 bln tenge (US$559m).
Revenue in 2014 was 846 bln tenge , a 4% increase compared with 2013, mainly due to an increase in the average domestic sales price by 20% and higher export price in tenge (because of an 18% increase in the average Tenge-US dollar rate), partly offset by lower export volumes. Total revenue and other income including the share of results of associate and joint ventures of 60 bln tenge (US$336m) and finance income of 21 bln tenge (US$116m) was 927 bln tenge (US$5,174m), 4% more than in 2013.
Production expenses in 2014 were 212 bln tenge (US$1,183m), a 31% increase compared with 2013 mainly due to increased employee benefit expenses.