KARACHI: Pakistan Petroleum Limited’s (PPL) consolidated net profit declined 48% in the nine-month that ended on March 31 due to decline in sales and other income, according to a bourse filing on Thursday.
The net profit decreased to Rs15.85 billion in the period under review from Rs30.45 billion in the same period last year. This translated into earnings per share at Rs8.04 as compared to Rs15.45 in the corresponding period, the company said in a notification to Pakistan Stock Exchange.
The sales declined 26% to Rs59.74 billion from Rs81.45 billion. “Revenues declined on the back of 45% year-on-year (YoY) dip in Arab Light Crude price,” said Topline Securities in a post-result comment.
The share price of the oil and gas exploration and production company dropped two percent to Rs145.69 with a turnover of 3.39 million shares at the Pakistan Stock Exchange on Thursday.
During 9MFY16, oil production declined by 3% to 14.1 thousand barrel per day while gas production increased by 3% to 824mmcfd. “We attribute this increase to improved production from Sui field (around 50 percent of total gas volume), up 6% on YoY basis.”
Field expenditures during 9MFY16 increased 9% to Rs31 billion. The other income decreased 31% to Rs4.17 billion from the previous Rs6.08 billion.
Published in The Express Tribune, April 29th, 2016.
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