Pakistan Oilfields report reassuring growth in quarterly profits

October 12, 2018 (MLN): Pakistan Oilfields Limited (POL)’s quarterly consolidated profits for the period ended September 30th 2018 have mounted by 35% as compared to the corresponding period of last year, owing to improved top-line earnings.

The company’s Board of Directors meeting took place earlier today and a report on the quarter’s earnings has been issued to the PSX.

According to the report, POL experienced an approximate rise of 45% in top-line earnings as well as in gross profits.

Although the company’s exploration cost increased by Rs.459 million, it was offset by a rise of Rs.446 million in non-core income.

However, since overall expenses apart from exploration costs grew as well as tax provisions, POL registered a smaller but evident improvement in overall profits as they increased from Rs.2.6 billion to Rs.3.6 billion.

The company also experienced a 35.3% rise in basic and diluted earnings per share, which drew up from Rs.9.29 per share to Rs.12.57 per share, YoY.

Consolidated financial results for the first quarter ended September 30th 2018 ('000 Rupees)

 

Sep-18

Sep-17

% Change

Sales

                     11,792,857

                       8,128,841

45.07%

Sales tax

                        (993,027)

                        (715,129)

38.86%

Net Sales

                     10,799,830

                       7,413,712

45.67%

Operating costs

                     (2,992,862)

                     (2,120,311)

41.15%

Excise duty and development surcharge

                           (77,669)

                           (70,432)

10.28%

Royalty

                     (1,084,385)

                        (662,499)

63.68%

Amortization of development and decommissioning costs

                        (773,721)

                        (511,812)

51.17%

Gross Profit

                       5,871,193

                       4,048,658

45.02%

Exploration cost

                        (731,265)

                        (272,448)

168.41%

Administrative expenses

                           (62,388)

                           (42,527)

46.70%

Finance cost

                        (401,744)

                        (188,400)

113.24%

Other charges

                        (372,547)

                        (245,793)

51.57%

Other income

                           694,768

                           248,603

179.47%

Share in (loss)/profits of associated companies  – net of impairment loss

                        (156,896)

                             94,249

 

Profit before taxation

                       4,841,121

                       3,642,342

32.91%

Provision for taxation

                     (1,269,974)

                     (1,000,063)

26.99%

Profit after taxation

                       3,571,147

                       2,642,279

35.15%

Earnings per share – basic and diluted (Rupees)

                               12.57

                                  9.29

35.31%

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Posted on: 2018-10-12T16:21:00+05:00

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