KARACHI: Pakistan Oilfields reported 12.6% growth in income to Rs4.88 billion inside the second quarter (Oct-Dec 2019) of the persevering with fiscal 12 months primarily as a consequence of a drop in finance worth.
The company had launched earnings of Rs4.33 billion within the similar interval of earlier 12 months, primarily based on a uncover despatched to the Pakistan Stock Commerce (PSX) on Tuesday. Earnings per share of the company elevated to Rs17.15 in Oct-Dec 2019 from Rs15.26 inside the corresponding interval of earlier 12 months. The board of directors launched an interim cash dividend of Rs20 per share for the half 12 months ended December 2019.
Internet product sales of the company slipped spherical 1% to Rs11.75 billion inside the three months ended Dec 31, 2019 as compared with Rs11.89 billion within the similar interval of earlier 12 months.
The decline received right here on the once more of a drop in oil and gasoline manufacturing and cut back in realised oil prices.
Working costs edged up 3% to Rs3.06 billion whereas exploration costs jumped a colossal 425.8% to Rs414.Eight million inside the interval beneath consider.
“The exploration worth surged 5 cases year-on-year in 2QFY20 amid acquisition of seismic data from two blocks all through the quarter. Your complete exploration worth in 1HFY20 settled at Rs791 million, down 2% year-on-year amid absence of dry wells as compared with a dry successfully (Mamikhel Deep-1) in 1HFY19,” AHL Evaluation acknowledged.
The rise was offset by a plunge in finance worth that fell 77% all through the quarter beneath consider to Rs309.1 million as compared with Rs1.35 billion inside the earlier 12 months.
The decline received right here as a result of the change losses recorded beforehand related to decommissioning had been normalised.
Then once more, completely different income of the company fell 65.97% to Rs709.9 million inside the interval beneath consider from Rs2.09 billion inside the earlier 12 months. The decline was recorded amid absence of change optimistic components.
A Topline Securities’ analyst, in post-result suggestions, acknowledged: “We flag incapacity to acquire the subsequent gasoline worth incentive on Tal block owing to a dispute (pending in court docket docket), volatility in oil prices and dry wells as key risks for the company.”
POL share worth elevated Rs2.78 or 0.61% to Rs457.79 with a turnover of 272,500 shares on the PSX.
The company income went up 10.47% to Rs8.73 billion in six months ended December 31, 2019 from Rs7.9 billion within the similar interval of earlier 12 months.
Within the meantime, earnings per share received right here in at Rs30.73 inside the six-month interval as compared with Rs27.83 inside the earlier 12 months.