Mari Petroleum posts profits

Mari Petroleum Company has announced a net profit of Rs1.468 billion for the quarter ended September 30, which is 18.6 percent lower than Rs1.805 billion earned a year ago.The decline in net profits is because of higher exploration and prospecting expenditures, which stood at Rs1.442 billion this quarter as compared to Rs431.359 million last year. Moreover, finance cost stood at Rs427.86 million this quarter as compared to Rs117.156 million last year. The earnings per share (EPS) arrived at Rs13.32 for the quarter under review as compared to Rs16.38 in the same period last year. The net sales revenues stood at Rs5.179 billion for the quarter ended September 30 as compared to Rs4.391 billion in the same period last year. The company did not announce any payout along with the corporate results.