Pakistan Oilfields Limited (POL) conducted their Board of directors meeting on August 15th 2018, to summarize their financial earnings for the year ended June 30th 2018.
As compared to the year ended June 30th 2017, POL's Net sales increased by 19.9%, whereas Gross profits went up by 21.4%
Moreover, the company's Exploration cost increased by 103% while Finance cost increased by 156%, by on the other hand, Other income rose by 211% as well.
However, POL's overall profit for the period decreased by 1.7% and the Earnings per share reduces to Rs.47.37 per share from Rs.50.23 per share.
Financial Results for the Year Ended June 30th 2018 ('000 Rupees) | |||
| Jun-18 | Jun-17 | % Change |
Sales | 35,919,194 | 30,599,832 | 17.38% |
Sales tax | (2,462,244) | (2,700,009) | -8.81% |
Net Sales | 33,456,950 | 27,899,823 | 19.92% |
Operating costs | (9,189,425) | (8,910,759) | 3.13% |
Excise duty | (307,703) | (271,619) | 13.28% |
Royalty | (3,778,297) | (2,344,306) | 61.17% |
Amortization of development and decommissioning costs | (2,986,824) | (2,209,306) | 35.19% |
Gross Profit | 17,194,701 | 14,163,833 | 21.40% |
Exploration cost | (2,990,153) | (1,468,325) | 103.64% |
Administrative expenses | (191,279) | (137,968) | 38.64% |
Finance cost | (1,919,041) | (747,079) | 156.87% |
Other charges | (972,105) | (814,062) | 19.41% |
Other income | 2,595,957 | 833,571 | 211.43% |
Share in profits of associated companies | 843,354 | 2,387,070 | -64.67% |
Reversal of impairment on investment in associated company | 178,421 | 1,254,835 | -85.78% |
Profit before taxation | 14,739,855 | 15,471,875 | -4.73% |
Provision for taxation | (3,036,198) | (3,566,803) | -14.88% |
Profit after taxation | 11,703,657 | 11,905,072 | -1.69% |
Earnings per share – basic and diluted (Rupees) | 47.37 | 50.23 | -5.69% |
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