Independent Petroleum Group sees KD 2.215m Q2 profit

KUWAIT CITY, July 12: Independent Petroleum Group (IPG) declared its preliminary results for the first half ending June 30, 2010 in which it is expected to achieve a net profit to KD 2.215 million or 15.32 fils per share and for the three months ending June 30, 2010 the company is expected to earn a profit of KD 636,000 or equivalent to about 4.39 fils per share. In comparison IPG earned a net profit of KD 2.633 million or EPS of 18.19 fils per share for the first half ending June 30, 2009 and a profit of KD 1,153 million for the three months ending June 30, 2009, which amounted to 7.95 fils per share.

IPG will announce through the Kuwait Stock Exchange    its financial results for the second quarter of 2010 after review by auditors during the next two weeks.