Mari Petroleum enjoys 42% rise in overall profits

MG News | October 18, 2018 at 04:19 PM GMT+05:00

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October 18, 2018 (MLN): Mari Petroleum’s profits during the first quarter of current fiscal year drove up substantially on the back of improved earnings.

When compared with the stats for the first quarter of last fiscal year, the company’s gross sales rose by 10.5% and its net sales took a more noticeable leap of 53%.

While exploration and prospecting expenditure demonstrated a significant growth of Rs.1.4 billion, much of it its impact was balanced out by higher non-core income and finance income, resulting in a 51% rise in pre-tax profits.

Although tax provisions increased by 73.18% over the corresponding period of previous year, the company still managed to pull up total profit for the period by 42%.

Financial Results for the first quarter ended on September 30th 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Gross sale to customers	27,128,905	24,537,870	10.56%
Gas development surcharge	540,055	3,109,535	-82.63%
General sales tax	2,639,022	2,893,925	-8.81%
Excise duty	494,841	478,803	3.35%
Gas infrastructure development cess	9,113,870	8,720,129	4.52%
Sales- net	14,341,117	9,335,478	53.62%
Royalty	1,827,651	1,187,246	53.94%
Operating expenses	2,768,037	1,931,564	43.31%
Exploration and prospecting expenditure	1,675,867	245,272	583.27%
Other charges	586,923	345,059	70.09%
Other (expenses)/income	239,019	(358,641)
Operating profits	7,721,658	5,267,696	46.59%
Finance income	267,615	119,347	124.23%
Finance cost	287,513	295,950	-2.85%
Profit before taxation	7,701,760	5,091,093	51.28%
Provision for taxation	2,559,524	1,477,998	73.18%
Profit for the year	5,142,236	3,613,095	42.32%
Earnings per ordinary share	46.64	32.77	42.33%
Distributable earnings per ordinary share	1.75	1.61	8.70%

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