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WEEKLY
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| OGDC announces Rs12bn profit |
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Friday, October 30, 2009
By our correspondent
KARACHI: The Oil & Gas Development Company (OGDC) has announced a profit after tax of Rs12.06 billion for the first quarter ended September 30.
This is over 36 per cent lower than the Rs18.97 billion net earnings recorded in the same quarter in 2008.
The board of directors approved first interim cash dividend at Re1 per share for fiscal year 2010.
Total earnings for the quarter under review translated into earning per share of Rs2.81 against Rs4.41 in the corresponding quarter of FY09.
The significant decline of 36 per cent in net earnings was apparently due to a notable 23 per cent fall in net revenues to Rs31.82 billion against Rs41.38 billion in the same quarter last year.
“Decline in net earnings ensued mainly from a dip in oil production and lower oil and gas wellhead prices,” said Faraz Farooq at First Capital Equity. He added that the July-Sept quarter result was below market expectation.
Accordingly, the amount paid as royalty dropped to Rs3.61 billion from Rs4.96 billion paid last year.
On the contrary, exploration and prospecting expenditure witnessed a plunge of over 47 per cent to Rs1.22 billion as compared to Rs2.31 billion in FY09.
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ISSN 1563-9479 
