Mari Petroleum enjoys 42% rise in overall profits

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%

Copyright Mettis Link News

Posted on: 2018-10-18T16:19:00+05:00

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