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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