OGDCL’s profit drops 36%

KARACHI: Oil & Gas Development Company Limited (OGDCL) reported its net profit declined 36% in the nine-month period that ended on March 31, 2016 due to higher exploration expenditure and lower price of the benchmark Arab Light crude oil.
The leading oil and gas exploration firm’s net profit decreased to Rs43.499 billion in the review period from Rs68 billion in the same period last year. Accordingly, earnings per share amounted to Rs10.11 as compared to Rs15.81 in the corresponding period, it said in a notification to Pakistan Stock Exchange. Board of directors recommended an interim dividend of Rs0.50/share to the shareholders whose names will appear in the register of members on June 15, 2016.
The result was below market expectations, a number of brokerage houses said in their post-result comments.
However, its share price surged 1.18% to Rs120.94 with a turnover of 10 million shares in a bull-run session at the Pakistan Stock Exchange on Tuesday.