VOL. XLII

No. 28

12-July-1999

KUWAIT

KUFPECs 1998 Net Profit Falls 16% To $51.6Mn

The Kuwait Foreign Petroleum Exploration Company (KUFPEC) a wholly-owned subsidiary of the state-owned Kuwait Petroleum Corporation (KPC) in 1998 registered a net profit after taxation of KD15mn ($51.6mn at anexchange rate of $1=KD0.30 as used in the report), down by 16.2% from KD17.9mn($59.7mn) in 1997. The companys total revenues in 1998 amounted to KD51.3mn($171mn) compared to KD55.2mn ($184mn) in the previous...