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

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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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Posted on: 2019-04-19T15:11:00+05:00

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