Pakistan oilfields profit up 16%

Karachi: Pakistan Oilfields, the nation's third-biggest energy explorer, posted a 16 per cent increase in third-quarter profit after crude prices rose.

Net income in the three months ended March 31 climbed to Rs2.6 billion (Dh116 million), or Rs11.15 a share, from Rs2.3 billion, or Rs9.63, a year earlier, the Rawalpindi-based company said in a filing to the Karachi Stock Exchange yesterday. Sales rose to 7.1 billion from Rs5.7 billion a year earlier.

"Revenue was fuelled by the crude price appreciation, and its impact supported profit," said Syeda Rizvi Patel, a research analyst at Global Securities Pakistan Ltd. in Karachi, who has a "hold" recommendation on the stock.

The price of Arab Light crude rose 26 per cent during the third quarter to $111.89 a barrel, according to data.