Britain's JKX Oil & Gas Plc with assets in Ukraine saw $79.53 million in net loss in 2014, compared to a net profit of $6.5 million a year ago, the company announced in a report published on the London Stock Exchange (LSE) on March 20.
The company said that the total comprehensive loss of $209.86 million (a rise of 11.3 times year-over-year) is related to the revaluation of the hryvnia-denominated prepaid tax and the devaluation of the group’s net assets of $130.3 million in comprehensive income.
According to the report, external revenue fell by 19.1 percent, to $146.21 million; gross loss totaled $35.69 million compared to gross profit of $33.44 million a year ago, while profit from operations before exceptional items grew by 26 percent, to $11.6 million.
The board of directors has concluded that it is not appropriate to recommend a dividend at this time.
JKX Oil & Gas owns Poltava Petroleum Company. The company holds four licenses to develop oil and gas fields that are part of the Novomykolaivsky complex in Poltava region, which covers 271 square kilometers. It also has three exploration permits for the Zaplavske, Yelyzavetivske and Chervonoyarsko-Skhidne fields, covering a total of 171.2 square kilometers.
JKX Oil & Gas plc also has licensed interests in Russia, Hungary, and Slovakia.
The company’s largest stockholders are Ihor Kolomoisky and Hennadiy Boholiubov’s Eclairs Group with a 27.5 percent stake in JKX, and Oleksandr Zhukov’s Glengary Overseas Ltd, with 11.45 percent.
