Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

Trending :

POL’s profits take a plunge

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

April 27, 2021 (MLN): Pakistan Oil Fields has unveiled its financial results for the nine-month of the current fiscal year ended March 31, 2021, as per which, the company has reported net profits of Rs 9.74 billion (EPS: Rs 34.33), depicting a decline of 30% YoY against the net profits of Rs 13.94 billion (EPS: Rs 49.06) reported same period last year.

The fall in profitability came on the back of a 5% and 7% YoY decline in oil and gas production, respectively, and a 13% YoY slide in average realized oil prices, as per a report by Arif Habib Limited. As a result, the gross profit took a hit as it came down by 18% YoY to Rs 15.78 billion during 9MFY21.

Furthermore, the exploration costs clocked in at Rs 181 million during the said period, down by a massive 84% YoY amid zero seismic activity reported in 3QFY21.

However, the share in profits of associated companies surged by 4x YoY to Rs 261 million that came as a breather for the bottom line.

Consolidated Financial Results for the Nine months ended March 31, 2021  ('000 Rupees)

 

Mar-21

Mar-20

% Change

Sales

 30,416,136

 34,826,430

-12.66%

Sales tax

 (2,584,319)

 (2,856,000)

-9.51%

Excise duty

 (208,388)

 (222,787)

-6.46%

Net Sales

 27,623,429

 31,747,643

-12.99%

Operating costs

 (7,102,172)

 (7,178,892)

-1.07%

Royalty

 (2,918,585)

 (3,419,626)

-14.65%

Amortization of development and  decommissioning costs

 (1,818,463)

 (1,898,985)

-4.24%

 

 

 

 

Gross Profit

 15,784,209

 19,250,140

-18.00%

Exploration cost

 (180,983)

 (1,152,351)

-84.29%

Administrative expenses

 (184,598)

 (191,286)

-3.50%

Finance cost-net

 421,940

 (1,687,979)

Other charges

 (1,168,195)

 (1,241,809)

-5.93%

 

 

 

 

Other income-net

 129,089

 3,597,758

-96.41%

Share in profits of associated companies  – net of impairment loss

 261,575

 65,481

299.47%

 

 

 

 

Profit before taxation

 15,063,037

 18,639,954

-19.19%

Provision for taxation

 (5,322,348)

 (4,698,462)

13.28%

Profit after taxation

 9,740,689

 13,941,492

-30.13%

Earnings per share – basic and diluted (Rupees)

 34.33

 49.06

-30.02%

 

Copyright Mettis Link News

Posted on: 2021-04-27T11:38:00+05:00

40889