Kazakh KMG EP H1 Profit Soars On Weak Tenge

Reuters

ALMATY, Aug 11 (Reuters) - The net profit of Kazakh oil producer KazMunaiGas Exploration and Production (KMG EP) rose to 17.2 billion tenge ($50 million) from 2.9 billion tenge in the same period of 2015, the company said on Thursday.

The jump in profit was largely due to an increase in revenue from export sales because of the sharp tenge depreciation and the switch to a processing scheme from April 2016, it said in a statement, as well as lower rent tax.

(Reporting by Olzhas Auyezov; Editing by Maria Kiselyova)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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