POL reports 41% surge in net profits for 9MFY19, performs below expectations

April 11, 2019 (MLN): Pakistan Oilfields Limited (POL) has reported bottom-line earnings of over Rs. 11 billion (EPS: Rs. 39.24) for the nine months ended March 31, 2019, i.e. around 41% higher than the net earnings of the same period last year.  

The company mainly benefited from a whopping surge in net sales revenue by 48.6% due to a hike in realized oil prices, which led to an increase in gross profits by 72.6%.

Moreover, the non-core income of the company also displayed a massive growth, which was supported by depreciation of Pakistani Rupee against US dollar.

While major expense heads such as operating costs, financial costs, and taxation expense increased by a fair margin, the overall impact on the company’s ultimate earnings was still impressive.

Even though the company displayed positive results for the aforementioned period, it still performed below market expectations.

Profit and loss account for the nine months ended March 31 2019 (Rupees'000)

 

Mar-19

Mar-18

% Change

SALES

36,400,547

24,371,663

49.36%

Sales tax

-2,807,916

-1,772,681

58.40%

NET SALES

33,592,631

22,598,982

48.65%

Operating costs

-8,984,070

-7,071,092

27.05%

Excise duty

-232,610

-229,379

1.41%

Royalty

-3,331,172

-2,450,342

35.95%

Amortisation of development and decommissioning costs

-2,816,640

-2,291,856

22.90%

GROSS PROFIT

18,228,139

10,556,313

72.68%

Exploration costs

-1,907,415

-1,015,467

87.84%

Administration expenses

-170,105

-157,530

7.98%

Finance costs

-2,064,090

-1,218,899

69.34%

Other charges

-1,217,625

-638,821

90.61%

Other income

3,552,046

1,606,324

121.13%

Share in profits of associated companies -net of impairment loss

371,271

694,099

-46.51%

PROFIT BEFORE TAXATION

16,792,221

9,826,019

70.90%

Provision for taxation

-5,642,894

-1,933,223

191.89%

PROFIT FOR THE PERIOD

11,149,327

7,892,796

41.26%

Earnings per share – Basic and diluted (Rupees)

39.24

27.76

41.35%

 

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Posted on: 2019-04-11T17:16:00+05:00

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