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KUWAIT ENERGY PLC
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2016
5
Year ended
2016
Year ended
2015
Notes
US$ 000’s
US$ 000’s
Continuing Operations
Revenue
6
138,895
155,642
Cost of sales
7
(106,556)
(129,087)
Gross profit
32,339
26,555
Exploration expenditure written off
12
-
(14,218)
Impairment of oil and gas assets
13
(94,337)
(69,010)
Profit on farm-out of working interest
13
-
33,876
General and administrative expenses
8
(18,970)
(18,221)
Operating loss
(80,968)
(41,018)
Share of results of Joint Venture
14
1,451
445
Change in fair value of convertible loans
23
(24,774)
(9,261)
Other income
1,335
1,231
Foreign exchange loss
(2,340)
(1,851)
Finance costs
9
(9,365)
(9,654)
Loss before tax
(114,661)
(60,108)
Taxation charge
10
(1,456)
(2,259)
Loss for the year
(116,117)
(62,367)
Attributable to:
Owners of the Company
(116,145)
(62,220)
Non-controlling interests
28
(147)
(116,117)
(62,367)
Loss per share attributable to owners of the Company
-
Basic (cents)
11
(35.6)
(19.1)
-
Diluted (cents)
11
(35.6)
(19.1)