Business | Oil & Gas
Pakistan Petroleum net profit rises 17.9%
State-run Pakistan Petroleum (PPL) yesterday reported a 17.9 per cent jump in full-year net profit, fuelled by higher well-head gas and crude oil prices and strong growth.
- Reuters
- Published: 00:07 August 7, 2008
Karachi: State-run Pakistan Petroleum (PPL) yesterday reported a 17.9 per cent jump in full-year net profit, fuelled by higher well-head gas and crude oil prices and strong growth.
In a statement to the Karachi Stock Exchange (KSE) PPL, which operates Pakistan's largest gas field, posted a net profit of Rs19.77 billion ($273 million) in the year to June 30. This compared with a net profit of Rs16.77 billion for the previous year.
"The growth was primarily because of higher well head gas prices and oil prices and also an increase in oil production," said Umer Bin Ayaz, an analyst at JS Global Capital.
The result was below analysts forecasts ranging between Rs20.1 billion and Rs21 billion, which they said was due to a higher taxation rate.
Taxation amounted to Rs10.74 billion for 2007-08, compared with Rs7.6 billion in the previous year.
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