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KUWAIT ENERGY PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
For the nine month period ended 30 September 2017
4
Nine month period ended
30 September
Year ended
31 December
2017
2016
2016
Unaudited
Unaudited
Audited
Notes
US$ 000’s
US$ 000’s
US$ 000’s
Continuing Operations
Revenue
145,869
97,446
138,895
Cost of sales
(71,695)
(80,506)
(106,556)
Gross profit
74,174
16,940
32,339
Exploration expenditure written off
6
(1,540)
-
-
Net impairment of oil and gas assets
7
(3,876)
-
(94,337)
Loss on assets classified as held for sale
10
(2,616)
-
-
General and administrative expenses
(17,952)
(11,657)
(18,970)
Operating profit/(loss)
48,190
5,283
(80,968)
Share of results of joint venture
1,773
(767)
1,451
Change in fair value of convertible loans
(23,158)
(10,118)
(24,774)
Other income
842
1,049
1,335
Foreign exchange gain/(loss)
302
(42)
(2,340)
Finance costs
(10,381)
(6,975)
(9,365)
Profit/(loss) before tax
17,568
(11,570)
(114,661)
Taxation charge
4
(5,838)
(837)
(1,456)
Profit/(loss) for the period
11,730
(12,407)
(116,117)
Attributable to:
Owners of the Company
11,722
(12,430)
(116,145)
Non-controlling interests
8
23
28
11,730
(12,407)
(116,117)
Earnings/(loss) per share attributable to owners of the Company
-
Basic (cents)
5
3.6
(3.8)
(35.6)
-
Diluted (cents)
5
3.6
(3.8)
(35.6)