PPL: Lower output and oil prices overshadowed devaluation impact on profitability

MG News | October 30, 2019 at 05:07 PM GMT+05:00

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October 30, 2019 (MLN): Pakistan Petroleum Limited (PLLS)’s profitability for the quarter ended September 30^th 2019 remained flat, as it posted only 4% growth in its net profits after tax to Rs 14.3 billion.

Consequently, the earnings per share stood at Rs 6.33 per share against Rs 6.09 in the same quarter previous year.

The top-line earning of the company witnessed 9% YoY growth due to 26% devaluation over last year, but lower output and oil prices realized during the period, overshadowed its impact.

Exploration expenses witnessed an increase of 20% which kept the bottom-line in check. Also, other expenses more than doubled to Rs3.56 billion as compared to the previous quarter due to higher provisions booked in the current quarter.

On the other hand, the company’s other income during the period declined by 34%YoY primarily due to absence of any exchange gains during the quarter.

Financial Results for the Quarter ended September 30, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Revenue from contracts with customers	41,877,740	38,333,728	9%
Operating Expenses	(9,303,296)	(9,157,711)	2%
Royalties and other levies	(6,152,342)	(5,647,823)	9%
Gross profit	26,422,102	23,528,194	12%
Exploration expenses	(3,595,139)	(3,007,011)	20%
Administrative expenses	(611,648)	(545,632)	12%
Finance cost	(281,713)	(138,706)	103%
Other charges	(3,567,901)	(2,100,483)	70%
Other income	935,816	1,416,763	-34%
(Loss)/Profit before taxation	19,301,517	19,153,125	1%
Income tax expense	(4,953,935)	(5,343,896)	-7%
(Loss)/ Profit after taxation	14,347,582	13,809,229	4%
(Loss)/ earnings per share - basic and diluted (Rupees)	6.33	6.09	4%

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