KUWAIT ENERGY PLC
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2017
10
Year ended
2017
Year ended
2016
Notes
US$ 000’s
US$ 000’s
Continuing Operations
Revenue
6
203,391
138,895
Cost of sales
7
(97,159)
(106,556)
Gross profit
106,232
32,339
Exploration expenditure written off
12
(20,074)
-
Net impairment of oil and gas assets
13
(69,053)
(94,337)
Loss on assets classified as held for sale
19
(2,604)
-
General and administrative expenses
8
(22,041)
(18,970)
Operating loss
(7,540)
(80,968)
Share of results of joint venture
14
2,305
1,451
Change in fair value of convertible loans
23
(28,748)
(24,774)
Other income
1,226
1,335
Foreign exchange gain/(loss)
648
(2,340)
Finance costs
9
(13,572)
(9,365)
Loss before tax
(45,681)
(114,661)
Taxation charge
10
(7,140)
(1,456)
Loss for the year
(52,821)
(116,117)
Attributable to:
Owners of the Company
(52,829)
(116,145)
Non-controlling interests
8
28
(52,821)
(116,117)
Loss per share attributable to owners of the Company
-
Basic (cents)
11
(16.2)
(35.6)
-
Diluted (cents)
11
(16.2)
(35.6)