Thursday, April 2, 2020

POL earnings soars by 81% during 2QFY19  

Featured

Italy shows anger over EU’s ignorance: Appreciates China, Russia and Pakistan’s help

The Public's response against the European Union in Italy is developing as individuals have barraged the coalition with allegations...

Breaking: British Prime Minister Boris Johnson tested positive for Coronavirus

British Prime Minister Boris Johnson tested positive for the coronavirus after experiencing "mild symptoms". "After seeing mild symptoms yesterday (Thursday),...

3.3 million Americans applied for unemployment benefits after the Corona outbreak

The US Department of Labor announced a record increase in the application for unemployment benefits in the United States...
Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]
Pakistan Oilfields Limited (POL) in the financial result announcement posted earnings of Rs 4,022mn during 2QFY19 (EPS: PKR 14.17), showing a significant growth of 81% YoY compared to Rs 2,227mn (EPS: PKR 7.85) in SPLY.

 

The earnings in 1HFY19 settled at PKR 7,889mn (EPS: PKR 27.79), up by 66% YoY, was mainly attributable to absence of one-off reversal. Moreover, the company has announced an interim dividend of Rs 20.00/share.

During 1HFY19 jumped up by 68% YoY to Rs 22,209mn from Rs 13,240mn in SPLY amid 28% higher realized oil prices and ii) incremental oil and gas production by 1% and 4% YoY, respectively.

 

Revenue witnessed a hefty jump of 94% YoY to Rs 11,639mn during 2QFY19 on the back of low base impact since the company booked a revenue reversal of TAL Block due to windfall levy imposition in 2QFY18, hike in average realized oil prices by 16% YoY, and 26% YoY Pak Rupee depreciation against greenback.

 

The exploration costs declined by 83% YoY to Rs 79mn in 2QFY19, on account of absence of dry wells. Albeit, 1HFY19 exploration costs settled at Rs 810mn, up by 9% YoY.

 

Other income in 2QFY19 climbed up to Rs 2,286mn from PKR 1,316mn in SPLY, showing a 74% rise. On a cumulative basis, other income increased to PKR 3127mn vis-a-vis PKR 1,565mn in SPLY, up by 100% YoY due to exchange gain on account of PKR depreciation.

 

The company booked effective taxation at 42% in 2QFY19 vis-à-vis 12% in 2QFY18.

 

 

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Latest News

Italy shows anger over EU’s ignorance: Appreciates China, Russia and Pakistan’s help

The Public's response against the European Union in Italy is developing as individuals have barraged the coalition with allegations...

Breaking: British Prime Minister Boris Johnson tested positive for Coronavirus

British Prime Minister Boris Johnson tested positive for the coronavirus after experiencing "mild symptoms". "After seeing mild symptoms yesterday (Thursday), the prime minister was tested...

3.3 million Americans applied for unemployment benefits after the Corona outbreak

The US Department of Labor announced a record increase in the application for unemployment benefits in the United States in the week that ended...

World Bank asks bilateral creditors to suspend debt payments from IDA countries

The World Bank Group and International Monetary Fund have issued the following joint statement to the G20 concerning debt relief for the poorest countries: The...

Turkish doctor: Turkey could have as many as 145,000 undiagnosed coronavirus cases

Dr. Muhammet Emin Akkoyunlu, a chest specialist at the Medipol University Hospital, revealed that the number of Coronavirus infections in Turkey could be around...

Related News