Mari Petroleum profit up 61.9 percent

Mari Petroleum announced a net profit of Rs6.306 billion for the nine months ended March 31, 2017, registering an increase of 61.9 percent as compared to the profit of Rs3.89 billion during the same period of the last year.

The EPS clocked in at Rs57.21 during the period under review as against Rs35.29 last year. The company did not announce any payouts along with the corporate results. Net sales during the period stood at Rs74.137 billion as compared to the sales of Rs69.73 billion last year.

For the quarter ended March 31, 2017, Mari Petroleum posted a net profit of Rs1.69 billion, translating into the EPS of Rs15.37, down approximately seven percent as compared to the profit of Rs1.836 billion and the EPS of Rs16.66 during the same quarter of the last year.

“Variation in earnings emanated from lower topline, and higher than estimated exploration and prospecting expenditure. Where the former is likely attributable to lower than estimated flows fetching higher pricing,” Mubashir Anis said in a report issued by Elixir Securities.