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Pakistan Oilfields post 53pc growth in profit after tax

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KARACHI: Pakistan Oilfields Limited (POL) has posted 53 per cent growth in profit after tax for the first quarter fiscal year 2018/2019 to Rs3.867 billion as compared with Rs2.534 billion in the same quarter of the last year.

Analysts at Arif Habib Limited said that the sales of the company witnessed a surge by 46 percent YoY, settling at Rs10.570 billion compared to 7.241 billion in the same period last year, amid an increase in oil and gas production by 2 percent and 14 percent YoY, respectively.

Furthermore, Pak Rupee depreciation against USD by 18 percent YoY and surge in average oil prices by 46 percent YoY supported the growth in sales.

The exploration cost arrived at Rs731 million against Rs272 million in 1QFY18, up by 168 percent YoY.

This massive upsurge can be attributable to Mamikhel Deep-1 being written off as a dry well after evaluation, the analysts said.

Furthermore, other income clocked-in at Rs841 million, up by 238 percent YoY, on account of exchange gain on Pak Rupee devaluation.

The company recorded an effective taxation at 25 percent in 1QFY19 vis-à-vis 28 percent in 1QFY18.

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