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KUWAIT ENERGY PLC
CONSOLIDATED INCOME STATEMENT
For the six months ended 30 June 2016
9
Six months ended 30 June
Year ended
31 December
2016
2015
2015
Audited
Unaudited
Audited
Notes
US$ 000’s
US$ 000’s
US$ 000’s
Continuing Operations
Revenue
6
64,819
89,103
155,642
Cost of sales
7
(57,507)
(73,517)
(129,087)
Gross profit
7,312
15,586
26,555
Exploration expenditure written off
12
-
(2,519)
(14,218)
Impairment of oil and gas assets
13
-
-
(69,010)
Profit on farm-out of working interest
13
-
-
33,876
General and administrative expenses
8
(6,861)
(9,170)
(18,221)
Operating profit/(loss)
451
3,897
(41,018)
Share of results of Joint Venture
14
(628)
1,731
445
Fair value loss on convertible loans
22
(7,362)
(8,730)
(9,261)
Other income
835
818
1,231
Foreign exchange loss
(57)
(1,663)
(1,851)
Finance costs
9
(4,650)
(4,750)
(9,654)
Loss before tax
(11,411)
(8,697)
(60,108)
Taxation credit/(charge)
10
222
(1,168)
(2,259)
Loss for the period
(11,189)
(9,865)
(62,367)
Attributable to:
Owners of the Company
(11,211)
(9,863)
(62,220)
Non-controlling interests
22
(2)
(147)
(11,189)
(9,865)
(62,367)
Loss per share attributable to owners of the Company
-
Basic (cents)
11
(3.4)
(3.0)
(19.1)
-
Diluted (cents)
11
(3.4)
(3.0)
(19.1)