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.
