Kuwait Petro Corp posts $4.1-bn Q1 2008 profit

July 30th, 2008 - 7:05 pm ICT by IANS  

Dubai, July 30 (IANS) Oil major Kuwait Petroleum Corporation (KPC) Wednesday announced that it has posted a profit of 1.1 billion Kuwaiti Dinars ($4.1 billion) in the first quarter of the current fiscal year, which started April 1. KPC managing director for financial affairs Ali Al-Hajri, while announcing the quarterly results, said the profits exceeded budget forecasts by KD700 million ($2.6 billion), according to the state-run Kuwait News Agency (KUNA).

The KD1.1-billion figure marked a 74 percent rise in profits from the corresponding period last year which had stood at KD467 million ($1.7 billion).

Al-Hajri said the operational profit stood at KD871 million ($3.3 billion), accounting for 79 percent of net profit.

The remaining amount of the net profit, KD230 million ($865.2 million) or 21 percent, represented the investment revenue.

According to Al-Hajri, operational profit figures were a result of KPC’s activities in the production of crude oil, gas, liquefied gas, petroleum products and petrochemicals.

KPC was established in 1980 to bring together all Kuwaiti state-owned entities in the oil sector under one umbrella.

Today, its operations span six continents and it has 14,940 people on its rolls.

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