MangistauMunayGas ups Q1 earnings 23%
ALMATY. June 7 (Interfax) - MangistauMunayGas boosted net profit 23% year-on-year in Q1 2011 32.090 billion tenge, the oil producer said in a consolidated financial statement.
Revenues grew 30% to 131 billion tenge, gross profit by 42% to 91.7 billion tenge, profit before tax by 17% to 40.5 billion tenge (145.55 tenge/$1 on June 7).
In the first three months of this year the company's assets rose 24% to 372.6 billion tenge, liabilities rose 50% to 115 billion tenge, equity capital increased 14% to 257.7 billion tenge, and charter capital was unchanged at 107.958 billion tenge.
JV Mangistau Investments B.V. (owned by National Company KazMunayGas and China's CNPC) holds a 99% stake in MangistauMunayGas.
JSC MangistauMunayGas was set up in 1995. In June 1996 the company received licenses from Kazakhstan government for 25 years to produce hydrocarbons at the oil-and-gas fields Asar, Burmasha, Kalamkas, East Zhetybai, at the oil fields Alatobe and North Asar, at the oil-and-gas-condensate field Zhetybai, at the oil-and-gas field Oimasha, in November 1996 the company was granted a license to produce oil at the oil-and-gas-condensate field South Zhetybai.