KazMunaiGas EP H1 net falls on lower oil prices
Kazakh oil producer KazMunaiGas Exploration and Production (KMG EP) (KMGq.L) RDGZ.KZ said on Friday its net income fell 13 percent year-on-year in the first half of 2009 to about $890 million as oil prices fell, Reuters reported.
"The net income decline is mainly attributable to the decrease in revenue due to lower oil prices," it said in a statement.
Oil prices have declined sharply over the past year, impacting earnings among all global producers.
KMG EP's operating profit fell 74 percent year-on-year to 57.0 billion tenge ($394 million).
The company also said it made a provision of 9.3 billion tenge ($62 million) related to tax issues following an audit by the finance ministry.
Operating profit in the second quarter, 37 billion tenge ($245 million), was below analysts' estimates although revenues were largely in line with them.
Russian brokerage Metropol earlier on Friday forecast KMG EP's second-quarter EBITDA (operating profit) at $345 million. Looking forward, Metropol said the key issue would be Kazakhstan's plans to reintroduce a oil export duty.
Kazakh state oil and gas firm KazMunaiGas holds a controlling stake in KMG EP.