PPL profit inches up 4% to Rs14.3b

Earnings per share stand at Rs6.33 in Jul-Sept quarter

KARACHI: Pakistan Petroleum Limited announced a profit of Rs14.3 billion for the quarter ended September 30, 2019, up by a marginal 3.9% amid an increase in revenue.

The company had posted a profit of Rs13.8 billion in the same period of previous year, according to a notice sent to the Pakistan Stock Exchange on Wednesday.

Earnings per share came in at Rs6.33 in the period under review compared to Rs6.09 in the previous year.

Ban on new gas connections for CNG outlets removed

The company’s revenue rose 9.2% to Rs41.9 billion in the Jul-Sept 2019 quarter on the back of depreciation of the rupee.

The favourable impact of the devaluation was mitigated by a drop in Arab Light price by 16% year-on-year in 1QFY20 coupled with lower oil, LPG and gas production, according to an Al Habib Research report.

Meanwhile, AHL Research attributed the increase in net sales to higher Sui wellhead price by 21% year-on-year and rupee depreciation against the greenback.

“However, oil and gas production declined 7% and 5% year-on-year respectively alongside 16% year-on-year drop in oil prices,” it said.

Exploration expenses surged 19.5% to Rs3.6 billion in the Jul-Sept 2019 quarter from Rs3 billion in the same period of previous year. Finance cost also remained on an uptrend as it went up 103% from Rs138.7 million to Rs281.7 million in the period under review.

On the other hand, other income plunged 34% to Rs935.8 million from Rs1.4 billion in the previous year due to exchange loss on the foreign currency account.

PTI govt likely to abandon plan for LPG-air mix plants

Share price of Pakistan Petroleum went up Rs0.57 or 0.51% to Rs112.49 with trading in 2.7 million shares at the Pakistan Stock Exchange on Wednesday.

Published in The Express Tribune, October 31^st, 2019.

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