POL reports 41% surge in net profits for 9MFY19, performs below expectations
MG News | April 11, 2019 at 05:16 PM GMT+05:00
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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