PPL observes a robust growth in its earnings

April 30, 2019 (MLN):  Pakistan Petroleum Limited (PPL) recorded a  32% year-on-year increase in profits to Rs 44 billion for the nine months ended on March 31st 2019, translating into earnings per share (EPS) of Rs19.4.

The increase in profits were  mainly due to PKR depreciation, as rupee has lost approx 25% of its value during 9MFY19. Moreover,  robust  net sales (due to hike in oil prices ) and income from other than core exploration business further helped in mounting  company's profits.

Additionally, a 2% drop in tax payments during the period helped in earnings accretion.

On the flip side,  the company's exploration expenses increased substantially  by  77% to Rs 13.1 billion compared to Rs7.4 billion last year.

 

Consolidated Financial Results for the Nine months ended March 31st 2019 ('000 Rupees)

 

Mar-19

Mar-18

% Change

Sales – net

                   119,560,583

                     92,131,369

29.77%

Operating expenses

                   (29,805,272)

                   (24,581,150)

21.25%

Royalties and other levies

                   (17,698,118)

                   (13,506,299)

31.04%

Gross profit

                     72,057,193

                     54,043,920

33.33%

Exploration expenses

                   (13,123,239)

                     (7,413,286)

77.02%

Administrative expenses

                     (1,531,341)

                     (2,042,504)

-25.03%

Finance costs

                         (524,599)

                         (469,733)

11.68%

Other charges

                     (6,049,857)

                     (2,539,886)

138.19%

 

                     50,828,157

                     41,578,511

22.25%

Other income

                        7,703,495

                        6,634,300

16.12%

Profit before taxation

                     58,531,652

                     48,212,811

21.40%

Taxation

                   (14,504,533)

                   (14,782,298)

-1.88%

Profit after taxation

                     44,027,119

                     33,430,513

31.70%

Basic and diluted earnings per share (Rupees)

                                19.47

                                14.74

32.09%

 

Copyright Mettis Link News

Posted on: 2019-04-30T12:35:00+05:00

27763