Pakistan Oilfields Ltd. profits rise 5.39 percent to Rs. 7.867 billion

By MG News | April 16, 2018 at 05:05 PM GMT+05:00

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Pakistan Oilfields Limited (POL) today announced financial results for the nine months period ending 31 March, 2018 reporting Sales worth Rs. 23.651 billion. Furthermore, the company’s gross profit during the outgoing nine months rose by 3.5 percent to reach 10.495 billion.

At POL, Net Sales during the reported period went up by 7.69 percent reaching 21.986 bllion, with operating costs increasing by more than 14.5 percent reaching 229.379 million.

On the expenses account, POL registered a marked reduction in company’s Administrative Expenses down 98.53 percent with a 132 percent jump in exploration costs for the period.

Amongst other major accounts, other income rose by 83 percent, coupled with a 108 percent jump in financing costs. Meanwhile, the company reported bottom line reports profit worth Rs. 7.867 billion against 7.465 billion in 2017. The company EPS came in at Rs. 33.26 vs. an EPS of Rs 31.56 during the nine months ending March, 2016.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Nine Months Ended, March 30^th 2017
Key Financials	March, 2018	March, 2017	% Change
	Amounts in PKR ‘000
Sales	23,651,999	22,370,790	5.73%
Sales Tax	1,665,147	1,954,864	-14.82%
Net Sales	21,986,852	20,415,926	7.69%
Operating Costs	6,519,338	6,362,346	2.47%
Excise Duty & Development surcharge	229,379	200,346	14.49%
Royalty	2,450,342	1,742,408	40.63%
Amortization of Development & Decommissioning costs	2,291,856	1,968,808	16.41%
Gross Profit	10,495,937	10,142,018	3.49%
Exploration Costs	1,015,467	436,683	132.54%
Administration Expenses	142,441	9,705,335	-98.53%
Finance Costs	1,218,899	584,829	108.42%
Other Charges	635,858	624,993	1.74%
Other Income	2,305,858	1,259,797	83.03%
Profit before Taxation	9,789,130	9,652,741	1.41%
Taxation	1,921,230	2,187,123	-12.16%
Profit for the Period	7,867,900	7,465,618	5.39%
EPS - Basic and diluted	33.26	31.56	5.39%

Company release on Earnings Report can be accessed here.

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