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KUWAIT ENERGY PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
Three months ended 31 March 2016
2
Three months ended 31 March
Year ended
31 December
2016
Unaudited
2015
Unaudited
2015
Audited
Notes
USD 000’s
USD 000’s
USD 000’s
Continuing Operations
Revenue
32,395
44,922
155,642
Cost of sales
(33,217)
(41,628)
(129,087)
Gross (loss)/profit
(822)
3,294
26,555
Exploration expenditure written off
5
-
(2,300)
(14,218)
Impairment of oil and gas assets
6
-
-
(69,010)
Profit on farm-out of working interest
-
-
33,876
General and administrative expenses
(3,281)
(4,356)
(18,221)
Operating loss
(4,103)
(3,362)
(41,018)
Share of results of Joint Venture
480
500
445
Fair value loss on convertible loans
(3,565)
(3,600)
(9,261)
Other income
410
448
1,231
Foreign exchange loss
(63)
(316)
(1,851)
Finance costs
(2,667)
(4,539)
(9,654)
Loss before tax
(9,508)
(10,869)
(60,108)
Taxation charge
(910)
(1,500)
(2,259)
Loss for the period
(10,418)
(12,369)
(62,367)
Attributable to:
Owners of the Company
(10,418)
(12,367)
(62,220)
Non-controlling interests
-
(2)
(147)
(10,418)
(12,369)
(62,367)
Loss per share attributable to owners of the
Company
-
Basic (cents)
4
(3.2)
(3.8)
(19.1)
-
Diluted (cents)
4
(3.2)
(3.8)
(19.1)