PPL annual profit up 6pc

KARACHI: Pakistan Petroleum Limited (PPL) on Friday reported a six percent rise in its full-year net profit due to a decline in exploration expenses.

In a statement to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs52.28 billion for the year ended June 30, up from Rs49.42 billion the previous year.

The company also announced a cash dividend of Rs2 for an ordinary share and Rs1.5 per share for convertible preference shares.

Earnings per share came in at Rs19.21, compared with Rs18.16 last year.

The company said its revenue for the year fell to Rs149.27 billion, compared with Rs157.99 billion a year earlier.

PPL said its exploration expenses for the period fell to Rs10.63 billion, compared with Rs17.95 billion the previous year that helped push up its profits.