Pakistan Petroleum Profit falls

LAHORE: The nation's biggest producer of natural gas, Pakistan Petroleum Limited, has posted a three percent decline in its third quarter profit, because of the costs of a failed offshore exploration well.

Net income fell to Rs6.98  billion from Rs7.19 billion a year earlier.

Revenue increased from Rs15.7  billion to Rs17.5  billion. Revenue rose because Pakistan Petroleum’s selling price of gas climbed by about 16 percent during the quarter.

The company’s field expenditure rose to Rs5 billion in the third quarter, from Rs3.01 billion a year ago.