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KUWAIT ENERGY PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
For the nine month period ended 30 September 2016
2
Nine month period ended
30 September
Year ended
31 December
2016
2015
2015
Unaudited
Unaudited
Audited
Notes
US$ 000’s
US$ 000’s
US$ 000’s
Continuing Operations
Revenue
97,446
125,162
155,642
Cost of sales
(80,506)
(108,145)
(129,087)
Gross profit
16,940
17,017
26,555
Exploration expenditure written off
5
-
(2,519)
(14,218)
Impairment of oil and gas assets
6
-
-
(69,010)
Profit on farm-out of working interest
-
35,000
33,876
General and administrative expenses
(11,657)
(14,319)
(18,221)
Operating profit/(loss)
5,283
35,179
(41,018)
Share of results of Joint Venture
(767)
2,071
445
Fair value loss on convertible loans
(10,118)
(12,296)
(9,261)
Other income
1,049
1,084
1,231
Foreign exchange loss
(42)
(1,789)
(1,851)
Finance costs
(6,975)
(7,004)
(9,654)
(Loss)/profit before tax
(11,570)
17,245
(60,108)
Taxation charge
(837)
(1,768)
(2,259)
(Loss)/profit for the period
(12,407)
15,477
(62,367)
Attributable to:
Owners of the Company
(12,430)
15,481
(62,220)
Non-controlling interests
23
(4)
(147)
(12,407)
15,477
(62,367)
(Loss)/earnings per share attributable to owners of the Company
-
Basic (cents)
4
(3.8)
4.7
(19.1)
-
Diluted (cents)
4
(3.8)
4.7
(19.1)