Mari Petroleum posts Rs2.8 billion profit

Earnings for April-June 31% higher, FY17 profit totals Rs9.1b

KARACHI: Mari Petroleum Limited (MARI) posted a profit of Rs2.8 billion (earnings per share or EPS of Rs25.7) in the fourth quarter ending on June 30, up 31% year-on-year, according to a company notice sent to the Pakistan Stock Exchange (PSX).

With this, the company earnings in fiscal year 2016-17 (FY17) summed up to Rs9.1 billion (EPS of Rs82.87), up by a stellar 51% year-on-year.



Similarly, dividend pay-out has increased to Rs5.91 per share compared to 5.10 per share in the same period of last year. KSE-100 Index remained flat and closed at 45,905, down 2 points or 0.01%. Mari Petroleum share price closed at Rs1,651.82, up 0.95% from its last day’s closing price.

Net sales of the company grew to Rs8.3 billion in the fourth quarter of FY17. The increase in topline on a year-on-year basis stems from unwinding of entitlement factor to 73.2% during second half of FY17 (in first half of FY17 it was 66.5%).

The company’s exploration cost declined by 21% year-on-year to Rs1.3 billion, but remained static year-on-year during the fourth quarter.



The loss from Mari’s seismic unit has led to an increase in other expenses to Rs398 million in fourth quarter of FY17, compared to an expense of Rs443 million in same period of FY16 (expense of Rs302 million in third quarter of FY17).

The company recorded a lower effective taxation of 4% in fourth quarter compared to 17% in third quarter of FY17, taking FY17 effective taxation to 18% compared to 8% in the corresponding period of last year.

Published in The Express Tribune, July 28^th, 2017.

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