KMG EP lifts profit despite strike

Profits up: at KMG EP

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By News Wires

 14 November 2011 13:31 GMT

KazMunaiGas Exploration Production posted a 5% rise in nine-month net profit, as strong crude prices offset a decline in production due to a long-running strike.

The London-listed arm of Kazakh state oil and gas company KazMunaiGas said January-September net profit increased to 165 billion tenge ($1.13 billion). Earnings per share rose 6% to 2,280 tenge, or $2.60 per global depositary receipt.

The company said on Monday the average price of Brent crude in the period was $112 per barrel, up 46% compared with the 2010 period.

Emergency power cuts at fields in western Kazakhstan and a strike at its Uzenmunaigas unit hit consolidated production, which fell 7% to 9.21 million tonnes, or 250,000 barrels per day.

KazMunaiGas EP said…

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