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.
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.