JSC KazMunaiGas Exploration Production announces condensed consolidated interim financial statements for the six months ended 30 June 2015.
•Net profit for the first six months of 2015 was 2.9bn Tenge (US$16m) compared with 210bn Tenge (US$1,193m) in the same period of 2014. A decline in net profit was largely due to lower revenue and devaluation effect in 2014.
•Revenue in the first six months of 2015 was 241bn Tenge (US$1,302m), which is 48% lower compared with the same period of 2014. The lower revenue was the result of a 47% decline in Brent price from US$108.9 per bbl in 1H2014 to US$57.8 per bbl in 1H2015 and a 52% decline in average domestic realized price from 48 th. Tenge per tonne in 1H2014 to 23 th. Tenge per tonne in 1H2015.
•Production expenses in the first six months of 2015 were 109bn Tenge (US$589m), a 23% increase compared with the same period of 2014 mainly due to increased employee benefit expenses of production personnel. Company agreed to implement a Unified System of Wages of employees from 1 April 2014 onwards and to increase wages by 10% in connection with the devaluation of the Tenge in February 2014.