Kazakhstan's London-listed oil and gas producer KazMunaiGas Exploration Production (RDGZ.KZ) expects its fourth quarter earnings to have fallen "significantly" from the previous quarter due to falling oil prices, the company said Wednesday without giving any figures.
Aside from lower oil prices, the company said a hike in crude export duty to $203.8 a metric ton in October contributed to lower profitability.
"As a result of the combination of these factors, profitability in the fourth quarter of 2008 was significantly lower than in the previous quarter, and negative in certain periods," KazMunaiGas said in a statement.
The company said, however, that a devaluation of the local currency, the tenge, earlier this month will "lead to a 6% increase in revenue and approximately 3% increase in operating costs."
The fourth quarter results are due in March.