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WEEKLY
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| OGDC posts Rs44.4bn profit, announces Rs2 dividend |
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Friday, April 24, 2009
By our correspondent
KARACHI: Oil & Gas Development Company (OGDC), the giant oil and gas exploration & production concern, reported a net profit of Rs44.4 billion for nine months ended March 31, 2009.
This is over 22 per cent higher profit than Rs36.3 billion the company earned in the corresponding period last year. Accordingly, earning per share (EPS) improved to Rs10.33 from Rs8.44 in the same period in 2008.
The board of directors, which met in Islamabad on Thursday to review and approve the company’s accounts, approved third interim cash dividend for ordinary shareholders at Rs2 per share. This would be in addition to interim dividends of Rs3.75 it had already paid during fiscal year 2009.
The dividend would be paid to those shareholders whose names appear in the register of the members on June 14, 2009, the company said in a notification sent to the Karachi Stock Exchange.
Exploration and prospecting expenditure of the company fell to Rs4.3 billion in 2009 against Rs5.4 billion in the corresponding period last year, down over 20 per cent year-on-year basis.
General and administration expenses were reduced by 11 per cent to Rs765.6 million from Rs860.2 million last year.
OGDC showed Rs24.9 million receiving on profit & loss account sheet under the head of reversal of provision for impairment loss.
For the third quarter of current fiscal OGDC posted net earnings of Rs12.6 billion against Rs12.2 billion in the same quarter last year. The earning per share (EpS) for the third quarter was Rs2.93 against Rs2.84 in 2008.
Faraz Farooq at FCEL Research said that the last quarter earning of OGDC was well in line with his research house calculation, as it was estimating EpS at Rs2.9, while the attained EpS is a much higher than the market expectations. Market was anticipating it between Rs2.6-2.7 per share, he added.
The value of OGDC share, however, declined to Rs71.13 with a loss of Rs1.63 at a turnover of 12.2 million shares at the Karachi bourse. This erosion in share value might be a result of massive technical correction the market noted on across the board.
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ISSN 1563-9479 
