Mari Petroleum’s profit rises 7%

KARACHI: Mari Petroleum Company’s profit improved 7% to Rs6.05 billion in the year ended June 30 on the back of higher sales and lower finance cost, according to a bourse filing on Thursday.

The company earned Rs5.65 billion in the preceding year. Accordingly, this translated into earnings per share of Rs54.89 in the year under review from Rs51.25 last year, the company said in a notification to Pakistan Stock Exchange.

Gross sales grew by 8% to Rs95 billion while the finance cost dipped 68% to Rs574 million.

Board of directors has recommended a final cash dividend at Rs2.10 per share. The dividend will be paid to those shareholders whose names will appear on the register of members at the close of business on Sept 20, 2016.

The announcement failed to cheer equity investors, as its share price fell Rs13.44, or 1.34%, and closed at Rs987.01 with a turnover of 296,900 shares.

Published in The Express Tribune, August 12^th, 2016.

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