Mari Petroleum enjoys 42% rise in overall profits
MG News | October 18, 2018 at 04:19 PM GMT+05:00
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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