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September 19, 2018

Pakistan Petroleum’s profit surges 32 percent in FY2018

Business

September 19, 2018

KARACHI: Pakistan Petroleum Limited’s (PPL) profit surged 32 percent to Rs45.825 billion for the year ended June 30, translating into earnings per share (EPS) of Rs23.24, a bourse filing said on Tuesday.

PPL’s profit amounted to Rs34.699 billion with EPS of Rs17.60 in the preceding fiscal year, a statement to Pakistan Stock Exchange (PSX) said.

PPL’s board recommended payment of a final cash dividend of Rs1.50/share on ordinary shares and 15 percent bonus shares – 15 ordinary shares for every 100

ordinary shares – for the year ended June 30.

If approved by the members at the forthcoming annual general meeting the dividend and bonus shares will be distributed to the members.

Brokerage Taurus Securities said the earnings rose mainly due to higher oil prices, rupee devaluation, and higher other income on foreign exchange gains.

“However, oil and gas production actually declined during the period while LPG (liquefied petroleum gas) flows were up 16.3 percent year-on-year,” the brokerage said in a flash report.

Drop in financing cost and higher sales helped the company post a decent gain in profit numbers.

Financing cost decreased 6.8 percent to Rs470 million in FY2018, while sales accelerated to Rs126 billion from Rs 117 billion.

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