KMG EP says H1 net profit up 6 pct on crude prices

ALMATY Tue Aug 14, 2012 3:25am EDT

Related Topics

ALMATY Aug 14 (Reuters) - Kazakh oil producer KazMunaiGas Exploration Production said on Tuesday net profit rose 6 percent year-on-year in the first six months of 2012 due to higher crude prices and reduced expenses.

KMG EP, the London-listed unit of Kazakh state oil and gas company KazMunaiGas, said in a statement that net profit in the six months to June 30 was 121 billion tenge ($820 million).

Earnings per share rose 10 percent to 1,740 tenge, or $2.0 per Global Depositary Receipt, in the same period.

Higher crude prices, including a 33 percent increase in domestic selling prices, helped the company to boost profits despite a 4 percent decline in production over the same period.

KMG EP said its selling, general and administrative expenses fell 21 percent year-on-year in January-June 2012, although production expenses rose 10 percent in the same comparison. (Reporting by Robin Paxton; Editing by David Cowell)