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Pakistan Oilfields posts $60.2m net profit

Pakistan Oilfields Ltd (POL) on Friday reported a net profit of Rs3.72 billion ($60.2 million ) in the first half of the 2007-08 fiscal year.

  • Reuters
  • Published: 01:04 February 23, 2008
  • Gulf News

Karachi: Pakistan Oilfields Ltd (POL) on Friday reported a net profit of Rs3.72 billion ($60.2 million ) in the first half of the 2007-08 fiscal year.

POL, which also produces liquefied petroleum gas (LPG), solvent oil and sulphur, had previously reported a net profit of Rs3.75 billion in the first six months of 2006-07.

However according to a statement sent to the Karachi Stock Exchange (KSE) Thursday, POL reported restated net profit of Rs3.15 billion for the half year ending December 31, 2006.

According to the restated number, Rs3.15 billion, POL posted a growth of 17.8 per cent in the first half of 2007-08 due to higher sales and lower exploration costs. "The two main reasons for the growth, taking the restated number, are lower exploration costs and higher sales," said Faraz Farooq, an analyst at First Capital Equities Ltd.

POL sales in the first half of 2007-08 totalled Rs8.9 billion, compared with Rs8.47 billion in the corresponding period last year.

Exploration costs amounted to Rs117.6 million in half year ending December 31, compared with Rs467.7 million in the same period last year.

The result was in line with a range of between Rs3.53 billion and Rs3.76 billion, forecast by five analysts surveyed by Reuters. POL, which has an index weightage of 1.7 per cent, is part of the Attock group, which is backed by Saudi Arabia's Pharaon group.

At 0535 GMT Thursday, POL shares were up Rs1.10 to Rs339.50, in a broader market that was down 0.16 per cent.

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