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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