KARACHI: Pakistan Petroleum Limited (PPL) has announced a net profit of Rs7.109 billion for the quarter ended March 31, 2017, showing a growth of 88.24 percent than the profit of Rs3.785 billion during the same period of the last year.
The earnings per share (EPS) for the period under review stood at Rs3.61 as against Rs1.92 last year. The results came in line with the market expectations; however, the company did not announce any payouts along with the corporate results.
Net sales clocked in at Rs24.058 billion, up 30.8 percent as compared to the sales of Rs18.388 billion during the corresponding quarter of the last year. Waleed Rahmani in a report issued by Arif Habib Limited said the increase in sales could be attributable to higher hydrocarbon production and higher average oil prices.
“Just to recall, the oil prices average $52.93/bbl in the third quarter of FY17 as compared to $29.92/bbl in the corresponding quarter of FY16.” The hydrocarbon production of the company increased amid improved oil production from Nashpa and Adhi coupled with augmented gas production from Sui and Kandhkot.
Further, Mardankhel in Tal block also commenced production. The company recorded a normalised field expenditure of Rs11.728 billion, up 2.9 percent in the absence of any drywells.
For the nine months period ended March 31, 2017, PPL posted a net profit of Rs18.12 billion, translating into the EPS of Rs9.19 as against the profit of Rs15.85 billion and the EPS of Rs8.04 during the corresponding period of the last year.
Hubco profit down 13.21pc
Hub Power Company (Hubco) has announced a net profit of Rs2.693 billion for the quarter ended March 31, 2017, which is 13.21 percent lower than the profit of Rs3.103 billion during the same period of the last year.
The EPS stood at Rs2.21 as against Rs2.62 last year.
“Decline in earnings is primarily attributable to higher operating expenses, which are likely attributable to major overhauls at Narowal plant and higher administrative costs,” Mubashir Anis said in a report issued by Elixir Securities.
The company also announced an interim dividend of Rs2/share, which is addition to the interim dividend of Rs3/share already paid to the shareholders.
Net sales during the quarter clocked in at Rs25.912 billion, up 33 percent as compared to the sales of Rs19.47 billion during the corresponding quarter of the last year.
“The rise is attributed to the higher furnace oil prices, in turn over-shadowing the decline in dispatches, which retreated by nine percent,” Tahir Abbas said in a report issued by Arif Habib Limited.
For the nine months period ended March 31, 2017, Hubco posted a net profit of Rs8.064 billion, translating into the EPS of Rs6.59 as against the profit of Rs8.67 billion and the EPS of Rs7.21 during the corresponding period of the last year.
Topline Securities has flagged value addition from coal-based power plants and investment in Sindh Engro Coal Mining Company as key catalysts to the company’s earnings, going forward.
Byco profit falls
Byco Petroleum Pakistan (Byco) has announced a net profit of Rs388.633 million for the quarter ended March 31, 2017, which is 4.6 percent lower than the profit of Rs407.29 million during the same period last year.The EPS for the period under review stood at 40 paisas as against 42 paisas last year. The company did not announce any payouts along with the corporate announcement.
Net sales during the quarter clocked in at Rs30.266 billion, up 11 percent as compared to the sales of Rs26.99 billion during the corresponding quarter of the last year.
For the nine months period ended March 31, 2017, Byco posted a net profit of Rs568.68 million, translating into the EPS of 58 paisas as against the loss of Rs41.487 million last year.
SCB posts Rs4.1bln profit
Standard Chartered Bank (Pakistan) Limited posted a gross profit of Rs4.1 billion during the first quarter of 2017 as compared to Rs4.9 billion during the same period of the last year.
Revenue was Rs942 million lower, primarily due to reduced margins. The impact of margin compression on revenue was partially offset by a stable non-funded income and decreasing cost of funds.
Administrative costs continue to be well-managed through operational efficiencies and disciplined spending, leading to one percent decrease from the first quarter of 2016.
Further, strong recoveries of bad debts, coupled with lower impairments led to a net release of Rs340 million during the period under review.
All businesses have positive momentum in client income with strong growth in underlying drivers, which is evident from a pickup in advances, which grew 21 percent since the start of the year.
This was the result of a targeted strategy to build profitable, high quality and sustainable portfolios. With a diversified client base, the Bank is well positioned to cater for the needs of its clients.
On the liabilities side, the bank’s total deposits grew three percent since the start of the year. The continuous increase in low-cost deposits significantly supported the bank’s performance with the current and savings accounts comprising 92 percent of the deposit base.
Commenting on the results, Shazad Dada, chief executive of the Standard Chartered Bank, said that the results demonstrated the diversity and resilience of his business.
“We will continue to make investments in our people and infrastructure to grow safely and capture the business opportunities in the country,” he added.