Nine-month period: Pakistan Oilfields profit up 17%
Profit for POL stood at Rs10.10 billion compared to Rs8.62 billion in the same period of previous year.
KARACHI:
Pakistan Oilfields Limited (POL) announced on Thursday that its profit rose 17% in the first nine months of the current financial year and stood at Rs10.10 billion compared to Rs8.62 billion in the same period of previous year. The growth in earnings came on the back of increase in the company’s topline, said Topline Securities in a research report. During the July-March period, POL’s revenues increased 23% to Rs26.2 billion against Rs21.4 billion last year on account of higher oil and gas production, up 25% and 5% respectively. “While exploration costs stood at Rs1.4 billion, up 26%, amortisation of development and decommissioning costs rose 142% to Rs3.3 billion due to write-down of Manzalai reserves,” the research house said. In the third quarter alone, the company posted 8% growth in earnings to Rs3.20 billion compared to Rs2.96 billion last year.
Published in The Express Tribune, April 18th, 2014.
Pakistan Oilfields Limited (POL) announced on Thursday that its profit rose 17% in the first nine months of the current financial year and stood at Rs10.10 billion compared to Rs8.62 billion in the same period of previous year. The growth in earnings came on the back of increase in the company’s topline, said Topline Securities in a research report. During the July-March period, POL’s revenues increased 23% to Rs26.2 billion against Rs21.4 billion last year on account of higher oil and gas production, up 25% and 5% respectively. “While exploration costs stood at Rs1.4 billion, up 26%, amortisation of development and decommissioning costs rose 142% to Rs3.3 billion due to write-down of Manzalai reserves,” the research house said. In the third quarter alone, the company posted 8% growth in earnings to Rs3.20 billion compared to Rs2.96 billion last year.
Published in The Express Tribune, April 18th, 2014.