Mari Petroleum profit rises 45pc in Q1

KARACHI: Mari Petroleum Company Limited profit increased 45 percent to Rs7.462 billion for the quarter ended September 30, 2019, translating into earnings per share (EPS) of Rs1.51, a bourse filing said on Tuesday.

The company earned Rs5.142 billion with EPS of Rs1.45 in the corresponding period last year. The board did not announce any interim cash dividend for the quarter ended September 30, 2019, notice to the Pakistan Stock Exchange said.

Topline in Q1FY20 witnessed a growth of 24 percent YoY arriving at Rs17,849 million as compared to Rs14,341 million during the same period last year, amid 44 percent YoY hike in average gas price given unwinding of entitlement factor of Mari gas field, and 21 percent YoY rupee devaluation against dollar.

However, oil and gas production declined by 20 percent and 2.0 percent YoY, respectively, tagged with fall in oil prices by 16 percent YoY.

The company’s exploration costs surged by 31 percent YoY settling at Rs2,043 million during Q1FY20 amid higher prospecting expenditure. Other income in Q1FY20 arrived at Rs289 million compared to Rs120 million in the same period last year, up twofold YoY, owing to jump in income from the seismic unit.