Results of Mangistaumunaigaz OJSC (Kazakhstan) activity for the first quarter of 2002

/KASE, August 09, 02/ - Mangistaumunaigaz OJSC (Aktau), whose shares are traded under category "B" of the official listing provided KASE with financial report for the first quarter of 2002: balance sheet and income statement. The following indicators are results of the company's economic activity for three months of 2002, based upon the company's data (in th. KZT, unless otherwise specified): ---------------------------------------------------------------- As of As of Indicator Apr 1,01 Apr 1,02 Change, % -------------------------------- ---------- ---------- --------- Authorized capital (paid) 10,892,027 10,892,027 0 Shareholders' equity 32,858,949 33,410,357 +1.7 Total assets 86,043,335 85,613,250 -0.5 Net working capital 3,526,539 -941,236 -126.7 Accounts receivable, net 39,980,737 33,095,762 -17.2 Total liabilities 53,184,386 52,202,893 -1.8 Accounts payable 41,072,164 44,424,294 +8.2 Sales volume 27,213,686 21,980,851 -19.2 Cost of goods sold 14,078,678 11,293,778 -19.8 Net income (loss) for the period 8,717,703 2,043,674 -76.6 Book value of 1 share, tenge 3,016.79 3,067.41 +1.7 ---------------------------------------------------------------- Relative to the first quarter of 2001 the following changes occurred: - shareholders' equity of the company grew by KZT551.4m as a result of increase of reserve capital by KZT891.1m, total sum of undistributed income - by 0.9m, having a decrease additionally not paid capital - by KZT340.6m; - assets decreased by KZT430.1m, including: accounts receivable by 6.9bn, which was compensated by growth of depreciated cost of fixed assets - by KZT4.8bn, inventories - by KZT1.1bn and other assets - by KZT604.1m; - liabilities decreased by KZT981.5m due to decrease of volume of formed reserves by 4.3bn having an increase of total sum of accounts payable by 3.4bn; - sales volume reduced by KZT5.2bn; - cost of goods sold decreased by KZT2.8bn; - expenses raised by KZT3.0bn (68.9%). Net income of Mangistaumunaigas OJSC by results of the first quarter of the current year totaled 2.0bn tenge which is 6.7bn tenge or 4.3 times less than for the similar period of the previous year. Principal activity of the company -extraction and shipment of oil and gas; oil processing, realization of oil and products of its processing, prospecting and development of oil and gas fields. [2002-08-09]