Pakistan Oilfields’ annual profits reduce by 1.7%

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%

 

Posted on: 2018-08-15T12:49:00+05:00

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