*KARACHI: *Pakistan Oilfields Limited’s (POL) consolidated profit rose 41%to Rs11.14 billion in nine months ended March 31, 2019 mainly due to highernet sales and income from other than core business.
The oil and gas exploration firm had recorded a profit of Rs7.89 billion inthe same period last year, the company reported in a notice sent to thePakistan Stock Exchange (PSX) on Thursday.
Its earnings per share rose to Rs39.24 in Jul-Mar FY19 compared to Rs27.76in the same period of previous year.
POL’s share price improved 0.50%, or Rs2.21, and closed at Rs446.06 withtrading in 33,800 shares at the PSX.
POL’s improved profit was “led by higher oil prices (up 19% in the past oneyear) and currency devaluation,” said Topline Securities’ analyst NabeelKhursheed in post-result comments.
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Net sales grew 49% to Rs33.59 billion in Jul-Mar FY19 compared to Rs22.59billion in the corresponding period of previous year. The surge in saleproceeds came mainly as a result of higher prices of benchmark Arab Lightcrude.
Other income of the company more than doubled to Rs3.55 billion compared toRs1.60 billion last year.
