KUWAIT ENERGY plc GROUP
CONDENSED CONSOLIDATED INCOME STATEMENT
Three months ended 31 March 2014
F-5
3 Months
ended
31.03.14
Unaudited
3 Months
ended
31.03.13
Unaudited
Year ended
31.12.13
Audited
(Restated)
(1)
Notes USD 000’s
USD 000’s
USD 000’s
Continuing Operations
Revenue
67,321
56,732
262,494
Cost of sales
(35,161)
(31,762)
(134,919)
Gross profit
32,160
24,970
127,575
Exploration expenditure written off
7
-
-
(47,822)
Impairment losses
8
-
-
(1,801)
General and administrative expenses
(6,695)
(6,389)
(26,261)
Operating profit
25,465
18,581
51,691
Share in results of joint venture
9
1,075
386
1,543
Gain on held for trading derivative
81
78
322
Fair value loss on convertible loan
12
(3,016)
(2,899)
(12,071)
Other income
142
80
599
Foreign exchange loss
(8)
-
(3,762)
Finance costs (net)
(1,351)
(2,446)
(10,068)
Profit before tax
22,388
13,780
28,254
Taxation charge
4
(2,100)
(2,032)
(8,097)
Profit for the period from continuing
operations
20,288
11,748
20,157
Discontinued operations
Loss for the period from discontinued operations
5
(1,400)
(2,669)
(278,787)
Profit /(loss) for the period
18,888
9,079
(258,630)
Earnings per share from continuing
operations
-
Basic (cents)
6
6.2
3.6
6.2
-
Diluted (cents)
6
6.2
3.6
6.2
Earnings/(loss) per share from continuing and
discontinued operations
-
Basic (cents)
6
5.8
2.8
(79.6)
-
Diluted (cents)
6
5.8
2.8
(79.6)
(1)
Restated to show the investment and results from the Group’s joint venture in Oman using the equity method following
adoption of IFRS 11 on 1 January 2014 (see note 2). Equivalent restatements have also been made to the balance sheet,
cash flow statement and related supporting notes.
