Pakistan Petroleum Limited posts 35pc growth in profits

KARACHI: Pakistan Petroleum Limited (PPL) recorded a 35 percent year-on-year increase in profit to Rs30.2 billion for the half year ended December 31, translating into earnings per share (EPS) of Rs13.35, a bourse filing said on Thursday.
PPL earned Rs22.3 billion with EPS of Rs9.86 in the corresponding period a year earlier.The company didn’t announce the cash dividend.

Brokerage Taurus Securities said earnings grew due to higher oil prices and increase in other income. Exploration costs considerably increased 87.2 percent year-on-year to Rs7.9 billion amid absence of one-off recovery of past cost as the company farmed out 50 percent working interest and transfer of Kotri North Block.[the_ad id=”32940″]Sales rose to Rs79 billion in the July-December period from Rs61 billion in the comparable period. Other income increased to Rs6.3 billion in the half-year compared with Rs4.5 billion in the corresponding period a year earlier. Finance cost increased to Rs280.4 million from Rs252.3 million.

PPL’s profit increased to Rs16.4 billion with EPS of Rs7.26 in the quarter ended December 31 compared to Rs9.2 billion with EPS of Rs4.07 in the corresponding quarter a year earlier.

The exploration costs surged 10 percent year-on-year to Rs4.811 billion in the 2QFY2019 compared to Rs4.3 billion, owing to increase in other exploration expenses.

Arif Habib Limited said other income in 2QFY19 climbed to Rs4.8 billion from Rs3.3 billion, showing a surge of 48 percent year-on-year owing to exchange gain on foreign currency account.

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