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% |
Copyright Mettis Link News
23648
