Mari Petroleum's profits surge by 55.8% for 9MFY19

By MG News | April 19, 2019 at 03:11 PM GMT+05:00

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April 19, 2019 (MLN): Mari Petroleum Company Limited has reported Profits after Tax of Rs. 16.8 billion (EPS: Rs. 138.61) for the nine months ended March 31, 2019, i.e. around 55.8% higher as compared to same period last year.

The company benefitted mainly from improvement in net sales revenue, which was a result of decline in Gas development surcharge by 20.66%.

Moreover, the decline in provision for taxes by 80%, i.e. around Rs. 3.3 billion, also contributed in pulling up the profits of the company.

Profit and loss account for the nine months ended March 31 2019 (Rupees'000)
	Mar-19	Mar-18	% Change
Gross sales to customers	86,993,735	72,367,929	20.21%
Gas development surcharge	-6,702,717	-8,448,520	-20.66%
General sales tax	-8,847,950	-8,492,926	4.18%
Excise duty	-1,424,470	-1,417,574	0.49%
Gas infrastructure development cess	-26,511,441	-25,417,238	4.30%
Sales - net	43,507,157	28,591,671	52.17%
Royalty	-5,521,773	-3,638,383	51.76%
Operating expenses	-8,985,225	-6,987,848	28.58%
Exploration and prospecting expenditure	-3,573,295	-1,637,366	118.23%
Other charges	-1,738,735	-1,069,637	62.55%
Other income / (expenses)	66,623	38,990	70.87%
Operating profit	23,754,752	15,297,427	55.29%
Finance income	1,142,537	489,057	133.62%
Finance cost	-497,003	-786,046	-36.77%
Profit before taxation	24,400,286	15,000,438	62.66%
Provision for taxation	-7,590,955	-4,216,205	80.04%
Profit for the period	16,809,331	10,784,233	55.87%
Earnings per ordinary share (Rupees)	138.61	88.92	55.88%

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