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% |
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