Attock Petroleum’s profit increases 83%

KARACHI: Attock Petroleum Limited’s (APL) profit soared by 83% to Rs4.35 billion in the nine-month period ended March 31 on the back of significant growth in sales. Previously, the company booked a profit of Rs2.37 billion in the same nine-month period of the previous fiscal year.

According to a bourse filing Monday, the company reported its financial results, showing a surge in its earnings per share to Rs52.56 from Rs28.65 in the corresponding nine-month period.

“The results outperformed our expectations,” said JS Research in its post-result comment.

However, APL’s share price dropped by Rs8.93 or 1.43% to Rs614.91, with a volume of 113,200 shares.

According to the profit and loss account of the company, its net sales rose by 14% to Rs96.17 billion from Rs84.31 billion. Meanwhile, the cost of products sold increased by 12% to Rs90.44 billion from Rs80.96 billion.

Separately, the other income enhanced to Rs711.85 million from Rs691.66 million, while finance income decreased to Rs836.23 million from Rs880.43 million. The finance costs rose to Rs220.23 million from Rs138.27 million.

Published in The Express Tribune, April 18^th, 2017.

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