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October 21, 2020

POL profit falls 9pc to Rs3.62bln in Q1

Business

October 21, 2020

KARACHI: Pakistan Oilfields Limited (POL) registered a decline of 9 percent in its profit to Rs3.628 billion for the quarter ended September 30, 2020, translating into the earning per share of Rs12.78, a bourse filing said on Tuesday.

The company earned Rs4.007 billion with EPS of Rs14.12 in the corresponding period last year.

The company didn't announce any final cash dividend for the month of September 30, 2020.

Brokerage Arif Habib Limited in their research note said: “Topline in 1QFY21 dropped by 9 percent YoY, clocking-in at Rs9,218 million in contrast to Rs10,178 million during SPLY on the back of 2 percent YoY decline in oil and gas production each and 24 percent YoY plunge in average realised oil prices owed to weak oil demand internationally.”

The exploration costs descended by a massive 80 percent YoY in 1QFY21, arriving at Rs76 million versus Rs376 million in SPLY, amid fall in seismic activity during the period vis-à-vis higher seismic activity at TAL Block in SPLY, it added.

Other income during the period under review settled at Rs303 million against Rs467 million in SPLY, down 35 percent YoY, on account of exchange loss on foreign currency account.

Attock Petroleum profit up 21pc

Attock Petroleum Limited posted an increase of 21 percent in its profit to reach Rs1.485 billion for the three months period ended September 30, 2020, translating into EPS of Rs14.92.

The company earned Rs1.225 billion with EPS of Rs12.31 in the corresponding period last year.

Attock Petroleum didn't announce any final cash dividend for the month of September 30, 2020.

Brokerage Arif Habib Limited in their research note said: “During 1QFY21, topline of the company settled at Rs45 billion, down by 24 percent YoY due to decline in volumes of 2 percent YoY (volumes of furnace oil grew by 46 percent YoY, while HSD and MS sales witnessed a decline of 29 percent and 15 percent YoY, respectively), and lower petroleum product prices compared to the same period last year. Gross margins of the company improved 324bps YoY to 6.78 percent in 1QFY21 compared with 3.55 percent in 1QFY20.