In January-September KMG EP increased earnings 2.6 times.
Edited by Rhod Mackenzie / 2014-11-06 12:47:31
For the first nine months of 2014 the production "subsidiary" of the Kazakh national company "KazMunaiGas", "KazMunaiGas Exploration Production" (KMG EP) got the net income of 242 billion tenge ($ 1.357 billion), compared to 93.2 billion tenge ($ 615 million) in the corresponding period last year, the company informs.
The report explained that the increase in profit was mainly due to the significant foreign exchange gain, growth in world oil prices in tenge for export as a result of increase in the average exchange rate of the tenge against the US dollar by 18%, and reduction of the impairment charge.