Chagala Group Limited Half-year Report (0519B)

TIDMCGLO

RNS Number : 0519B

Chagala Group Limited

18 September 2018

18 September 2018

Chagala Group Limited

('Chagala' or 'the Company' or 'the Group')

Interim results for the six months ended 30 June 2018

Chagala Group Limited, the London-listed investor in specialist services and facilities provider to the oil and gas industries in Kazakhstan (symbol: CGLO), is pleased to announce today its unaudited interim results for the six months ended 30 June 2018.

Financial Highlights:

In thousands of US Dollars

   -     Total revenue decreased to $8,343 (HY2017: $9,554) 
   -     Operating Profit decreased to $1,450 (HY2017: $2,085) 
   -     Profit before income tax decreased to $189 (HY2017: $1,619) 
   -     Total Assets of $84,140 decreased from 31 December 2017 ($87,701) 

Operational Highlights:

- Extended hotel agreement for long term accommodation in Uralsk with the KPO - one of the largest companies involved in the development of gas condensate fields in Kazakhstan.

   -     Extended lease agreement of the Sport Social Club with Shell for one more year. 

- Awarded hotel agreement for crew members accommodation by Qazaq Air - one of the major airlines in Kazakhstan.

Svetlana Mendesh, Chief Financial Officer said:

With the threat of further sanctions to Russia and its consequences on the Kazakh economy, the first half of 2018 was challenging for Chagala and the country overall. The impact of numerous sanctions on neighboring countries, regional disputes and many other factors has affected through currency exchange rate charges into our financial figures, which have been perceptibly affected in terms, fundamentally, of profit. Nevertheless, our performance in HY 2018 and the stability of our performance continue to make Chagala Group a partner of choice for shareholders and clients.

For the next half of the year we are going to continue our strategy - to focus our energy on maximizing our ever-expanding potential and maintaining our cutting-edge competitive advantage.

The interim report is available for viewing at https://www.chagalagroup.com/investor-relations/financial-reports/

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For additional information please contact the Chagala Group at:

Telephone: [phone]

Email: [e-mail]

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September 18, 2018 03:00 ET (07:00 GMT)