KARACHI: Pakistan Petroleum Limited (PPL) unveiled its 3QFY19 ended March 31, 2019 profit after tax at PKR 14.21 billion translating into earning per share (EPS) of PKR 6.27 versus profit of PKR 11.17 billion and EPS of PKR 4.93 registered in the same quarter last year, depicting a notable increase of 27% YoY.[the_ad id=”31605″]“Net earnings of the company arrived in-line with our estimates as accretion in bottom-line was predicated upon growth in net revenues,” an analyst at Pearl Securities said.
As expected, the company did not announce any cash payout along with the result announcement.
Revenues of Pakistan Petroleum Limited (PPL) incremented 31% YoY to PKR 40.39 billion during 3QFY19 as compared to PKR 30.85 billion reported in the corresponding quarter last year, mainly on account of notable PKR devaluation of 25% YoY.
Exploratory costs rose 58% YoY to PKR 4.45 billion whereas other income depicted hefty decline of 38% YoY on the back of lower exchange gains on foreign currency TDRs.
Tax expense increased 13% YoY to PKR 4.46 billion whereas effective tax rate clocked-in at 24%.