KARACHI: Pakistan Petroleum Limited announced their results for the first quarter of the current fiscal year (1QFY14), posting after-tax profits at Rs12.47 billion, up 11% from Rs11.28 billion for the corresponding period in the previous year, and 48% from Rs8.42 billion in the previous quarter.
Earnings per share were at Rs6.33 compared with Rs5.72 last year.
Net sales were reported at Rs27.78 billion, up 14% from Rs24.472 billion in the previous year. According to analysts, the increase in profits is mainly a result of higher oil production (30% higher year on year according to JS Global Securities); and a depreciation in the Pakistani rupee. The company was also able to benefit from stable and relatively higher oil and gas prices.
Other income fell to Rs2.16 billion from Rs2.27 billion last year. However, on a quarterly basis other income rose 68% from Rs1.29 billion in the previous quarter. Analysts attribute this to earnings from Pakistan Investment Bonds issued by the government in an attempt to clear up circular debt. According to Global Securities Pakistan, the fall in other income on a year-on-year basis is due to falling interest rates.
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