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KUWAIT ENERGY PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
Nine months ended 30 September 2015
2
Nine months ended 30 September
Year ended
2015
Unaudited
2014
Unaudited
(Restated)
31 December
2014
Audited
Notes
USD 000’s
USD 000’s
USD 000’s
Continuing Operations
Revenue
125,162
211,482
270,759
Cost of sales
(108,145)
(98,492)
(140,504)
Gross profit
17,017
112,990
130,255
Exploration expenditure written off
3
(2,519)
(1,611)
(1,513)
Impairment of oil and gas assets
-
-
(19,247)
Profit on farm-out of working interest
4
35,000
-
-
General and administrative expenses
(14,319)
(20,150)
(32,669)
Operating profit
35,179
91,229
76,826
Share of results of Joint Venture
5
2,071
2,900
1,040
Fair value loss on convertible loans
(12,296)
(9,100)
(9,931)
Other income
1,084
457
653
Foreign exchange loss
(1,789)
(41)
(273)
Finance costs
(7,004)
(14,516)
(12,773)
Profit before tax
17,245
70,929
55,542
Taxation charge
1
(1,768)
(8,212)
(8,800)
Profit for the period from continuing operations
15,477
62,717
46,742
Discontinued operations
Loss for the period from discontinued operations
-
(2,600)
(4,039)
Profit for the period
15,477
60,117
42,703
Attributable to:
Owners of the Company
15,481
60,117
42,711
Non-controlling interests
(4)
-
(8)
15,477
60,117
42,703
Earnings per share from continuing operations
attributable to owners of the Company
-
Basic (cents)
2
4.7
19.1
14.2
-
Diluted (cents)
2
4.7
19.1
14.2
Earnings per share from continuing and
discontinued operations attributable to owners
of the Company
-
Basic (cents)
2
4.7
18.3
13.0
-
Diluted (cents)
2
4.7
18.3
13.0