Net profit of KMG EP made up 123.5 bln tenge in Q1

Date: 08:23, 30-04-2014.

Almaty. April 30. KazTAG - The net profit of "KazMunayGas" Exploration and Production" made up 123.5 bln tenge in January-March 2014 ($727 mln) against 0.7 bln tenge net loss ($4 mln) in the same period 2013, the company reports.

"In the first quarter 2014 the company received 108 bln tenge ($637 mln) profit from the rates difference following tenge devaluation in February 2014. In the first three months of 2014 KMG EP made an impairment charge of 27 bln tenge ($162mln ) of the recoverable amount of JSC “Ozenmunaigas," reads the message.

The company’s revenues in the first three months of 2014 were 220.8 bln tenge ( $1,301mln), a 9% increase compared to the same period of 2013. This was mainly due to an increase in the average tenge-US dollar exchange rate by 13% as a result of tenge devaluation in February 2014, and an increase of the average domestic sales price from 40,000 tenge per ton in 1Q 2013 to 48,000 tenge per ton in 1Q 2014," reads the message.

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