ALMATY Aug 14 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)