PPL's profitability suffers on the back of lower production amidst declining demand
MG News | April 23, 2020 at 03:56 PM GMT+05:00
April 23, 2020 (MLN): Pakistan Petroleum Limited has declared the earnings result for the nine months ended March 31, 2020, according to which the company has earned profits of Rs. 38.5 billion (EPS: Rs. 14.8), i.e. 12.3% lower in comparison to the profits recorded in same period of last year.
However, the profits of the company during the quarter ended March 31, 2020 improved by 3%. According to Foundation Securities, the profits of the company increased on the back of higher WHG prices, lower exploration expense, rupee devaluation and higher exchange gain.
Furthermore, the production of Gas, Oil and LPG declined considerable during the period, owing to lower demand by power sector and supply chain issues.
Despite absence of dry wells, the company’s exploration costs surged by 28%.
| Consolidated Financial Results for the year ended March 31, 2020 ('000 Rupees) | |||
|---|---|---|---|
| Mar-20 | Mar-19 | % Change | |
| Revenue from contracts with customers | 126,541,766 | 119,560,583 | 5.84% |
| Operating expenses | (33,347,459) | (29,805,272) | 11.88% |
| Royalties and other levies | (18,917,769) | (17,698,118) | 6.89% |
| Gross profit | 74,276,538 | 72,057,193 | 3.08% |
| Exploration expenses | (16,803,317) | (13,123,239) | 28.04% |
| Administrative expenses | (2,167,769) | (1,531,341) | 41.56% |
| Finance cost | (819,476) | (524,599) | 56.21% |
| Other charges | (4,863,973) | (6,049,857) | -19.60% |
| Other income | 4,258,603 | 7,703,495 | -44.72% |
| Profit before taxation | 53,880,606 | 58,531,652 | -7.95% |
| Taxation | (15,284,693) | (14,504,533) | 5.38% |
| Profit after taxation | 38,595,913 | 44,027,119 | -12.34% |
| Earnings per share - basic and diluted (Rupees) | 14.18 | 16.18 | -12.36% |
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