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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)