Pakistan Oilfields Limited profit soars 61%

Pakistan Oilfields Limited's finance cost soared to Rs1.24 billion

KARACHI: Pakistan Oilfields Limited reported a 61% increase in profit to Rs5.21 billion for the quarter ended March 31, 2020 due to rupee depreciation.

The company had reported after-tax profit of Rs3.24 billion in the same period of previous year, according to a notice sent to the Pakistan Stock Exchange on Thursday.

Earnings per share came in at Rs18.33 in the three-month period of 2020, compared to Rs11.40 in the same period of previous year. Net sales of the company grew by a scant 1% to Rs11 billion on account of 11% year-on-year rupee devaluation against the greenback and meagre uptick in gas production.

Exploration cost of the company plunged by a significant 67% to Rs361.7 million from Rs1.1 billion in the previous year. According to an AHL Research report, the dip came due to the absence of dry well during the quarter.

Meanwhile, finance cost of the company soared to Rs1.24 billion in the period under review from Rs315.5 million in the previous year. On the other hand, other income grew by 223% to Rs2.5 billion during the three-month period.

Published in The Express Tribune, April 24^th, 2020.

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