OGDC maintains 57% progress in profits for 1QFY19
By MG News | October 25, 2018 at 04:24 PM GMT+05:00
October 25, 2018 (MLN): Oil & Gas Development Company Limited’s (OGDC) profits for the quarter ended 30th September 2018 have shown exceptional progress as they improved by 57.18%, due to an growth of both core and non-core income.
According to the notification issued to PSX, the top-line earnings for the company increased by 40.57%, exhibiting a greater absolute increase than any of the increases in Royalty and Operating expenses, which led to Gross profit increasing by 57.7%
Similarly, the non-core income of the company displayed progress as it increased by 31.74%, whereas the General and Administrative expenses decreased by 10.43%, leaving an overall positive impact on the company’s financial position.
While the Finance costs showed slight variation of 1.82%, the taxes for the company increased drastically by 71.12% i.e. Rs. 5.2 billion as compared to the corresponding period last year.
The Earnings per share of the company were stated at Rs. 6.22 for the quarter ended 30th September 2018, 57.47% up from previous year.
| Profit and loss account for the quarter ended September 30th 2018 (Rupees'000) | |||
|---|---|---|---|
| Sep-18 | Sep-17 | % Change | |
| Sales - net | 61,799,189 | 43,962,395 | 40.57% |
| Royalty | -6,876,396 | -4,431,932 | 55.16% |
| Operating expenses | -14,861,819 | -13,954,404 | 6.50% |
| Transportation charges | -383,313 | -415,551 | -7.76% |
| Gross profit | 39,677,661 | 25,160,508 | 57.70% |
| Other income | 4,098,143 | 3,110,692 | 31.74% |
| Exploration and prospecting expenditure | -1,961,450 | -1,523,981 | 28.71% |
| General and administration expenses | -996,733 | -1,112,739 | -10.43% |
| Finance cost | -410,843 | -418,439 | -1.82% |
| Workers' profit participation fund | -2,071,761 | -1,283,643 | 61.40% |
| Share of profit in associate - net of taxation | 1,028,447 | 456,810 | 125.14% |
| Profit before taxation | 39,363,464 | 24,389,208 | 61.40% |
| Taxation | -12,628,467 | -7,379,681 | 71.12% |
| Profit for the quarter | 26,734,997 | 17,009,527 | 57.18% |
| Earnings per share - basic and diluted (Rupees) | 6.22 | 3.95 | 57.47% |
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