In H1, KMG EP increased profit by 5.4 times to 210.3 billion tenges

In H1, KMG EP increased its profit by 5.4 times to 210.3 billion tenges or $1.193 billion, due to growth in pretax profit from currency exchange rate agreedd before tenge devaluation in February 2014, the growth in average oil sale price in tenge for exports and reduction in devaluation expenses.

In Q1, the company acknowledged the profit from currency exchange rate of 108 billion tenges or $637 million due to tenge devaluation in February 2014. In H1, expenses fixed assets devaluation was 27 billion tenges or $156 million compared to 58 billion tenges or $388 million in H1 2013.

In H1, revenue increased by 21% to 464.4 billion tenges or $2.635 billion, due to growth in currency exchange rate of tenge to USD by 17%, tenge devaluation in February 2014 and growth in average price of internal supplies from 40,000 tenges per ton to 48,000 tenges.