KMG EP revenues rise

JSC KazMunaiGas Exploration Production's revenues rose to Tenge727bn in the year to the end of December - 37% up on last time.

This was largely the result of the switch to the processing scheme and 54% increase in the average tenge-US dollar exchange rate, which was partly offset by a 17% Brent price decrease.

Net profit was Tenge132bn (US$385m) compared with Tenge244bn Tenge (US$1,096m) in 2015.

The decrease in net profit WAS largely due to a foreign exchange gain of Tenge449bn (US$2,020m) in 2015.

Compared with the 2015 net profit adjusted for this large foreign exchange gain of Tenge449bn Tenge (US$2,020m) the net profit increased in 2016, primarily as a result of the 37% increase in revenue, as well as lower tax accruals related to positive rulings on tax issues.