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KUWAIT ENERGY PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six month period ended 30 June 2017
5
Six month period ended
30 June
Year ended
31 December
2017
2016
2016
Unaudited
Audited
Audited
Notes
US$ 000’s
US$ 000’s
US$ 000’s
Continuing Operations
Revenue
95,398
64,819
138,895
Cost of sales
(49,201)
(57,507)
(106,556)
Gross profit
46,197
7,312
32,339
Exploration expenditure written off
(1,531)
-
-
Impairment of oil and gas assets
7
-
-
(94,337)
Loss on assets classified as held for sale
10
(1,873)
-
-
General and administrative expenses
(13,420)
(6,861)
(18,970)
Operating profit/(loss)
29,373
451
(80,968)
Share of results of joint venture
1,390
(628)
1,451
Change in fair value of convertible loans
(15,160)
(7,362)
(24,774)
Other income
537
835
1,335
Foreign exchange gain/(loss)
254
(57)
(2,340)
Finance costs
(6,789)
(4,650)
(9,365)
Profit/(loss) before tax
9,605
(11,411)
(114,661)
Taxation charge
4
(3,938)
222
(1,456)
Profit/(loss) for the period
5,667
(11,189)
(116,117)
Attributable to:
Owners of the Company
5,663
(11,211)
(116,145)
Non-controlling interests
4
22
28
5,667
(11,189)
(116,117)
Earnings/(loss) per share attributable to owners of the Company
-
Basic (cents)
5
1.7
(3.4)
(35.6)
-
Diluted (cents)
5
1.7
(3.4)
(35.6)