Lahore (Web Desk): Pakistan Oilfields’ (POL) profit increased 15.38% to Rs 2.64 billion in the quarter that ended 30 September 2017. Compared to the same period in 2016, POL registered profits of Rs. 2.29 billion last year, according to a bourse filing on Thursday.
The media sources reported, earning per share increased to Rs 11.14 as compared to Rs 9.64 in the same period last year.
POL’s net sales were up by 26% YoY (year over year) in Q1 FY18 because of the higher Arab light oil prices. It also registered a growth of +17% YoY and 13% growth in hydrocarbon production. The results were thought to be in line with market expectations. Net sales grew 26% to Rs 7.24 billion, from Rs 5.72 billion year-on-year.
It’s oil volume improved by around 9% YoY to 6.7K barrels per day. Oil improved mainly due to production addition from MardanKhel field where POL owns 28% stake. Mardankhel contributed around 13% this quarter.
The oil field was also a major contributor to POL’s total gas production during the outgoing quarter which grew by 14% YoY.
POL booked an impairment loss on its associates (National Refinery and Attock Petroleum) in Q1 FY18 which led to 82% YoY decline in associates’ profit.
Pre tax earnings of the company increased by 30%. POL’s script closed at Rs 588.13 at the bourse on Friday.
The results were in line with expectations of the market.