Pakistan Oilfields earnings disappoint, profits increase by paltry 2.26 percent during July-December 2017

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LAHORE: Pakistan Oilfields Limited on Wednesday announced its half-yearly earnings till December 31st, 2017, reporting an increase of 2.26 percent in profits during the aforementioned period.

Sales remained stagnant, as they went up by a meagre 0.84 percent during July-December 2017, touching Rs14.162 million compared against 14,043 million at end of last year. Operating costs inched up slightly by 0.282 percent, touching Rs4.128 million for July-December 2017 against Rs4.117 million at end of 2016.

Royalties increased by a paltry 1.57 percent, touching Rs1.090 million for the half-year ended December 2017 compared to Rs1.073 million for July-December 2016. Gross profits edged up by 5.37 percent, touching Rs6.383 million for July-December 2017 against Rs6.058 million at end of 2016.

Exploration costs went up exorbitantly by 289 percent, touching Rs0.740 million for July-December 2017 against Rs0.190 million at end of 2016. Finance costs also posted a staggering rise of 73.28 percent, touching Rs0.675 million for July-December 2017 against Rs0.389 million at end of 2016.

Profit for the period went up by a miserly 2.26 percent, touching Rs4.761 million for July-December 2017 compared to Rs4.655 million at end of 2016.

POL posted earnings per share for the half-year ended December 2017 of Rs20.13, up 2.28 percent from Rs19.68 at end of 2016. The company announced an interim cash dividend of Rs17.50 per share for July-December 2017.

Pakistan Oilfields Limited engages in the exploration, drilling, and production of crude oil and natural gas in Pakistan. It operates nine development and production leases. The company also produces liquefied petroleum gas (LPG), solvent oil, and sulphur. In addition, it is involved in the marketing of LPG under the POLGAS brand; and operation of a network of pipelines for the transportation of crude oil.

POL shares were trading at Rs596.79, down Rs31.40 and KSE-100 index was trading at 44,949.58 points, up 42.38 points from close on Tuesday.