Daily Times

KARACHI: Pakistan Petroleum Limited (PPL) announced unconsolidated profit after tax (PAT) of Rs 11.8 billion for first half of fiscal year 2016-17 (FY17) almost unchanged as compared to PAT of Rs 11.76 billion for the corresponding period last year.

The company’s earnings per share (EPS) stood at Rs 5.98 in the first half of FY17 as compared to EPS of Rs 5.96 in same period of FY16.PPL also declared cash dividend of Rs 3.0 per share. Earnings for first half (July-December) FY17 remained almost flat as decline in other operating expenses were undermined by reduction in other income and topline. Topline curtailed by 2.7 percent year on year (YoY) to Ra 40.03 billion partially owing to lower international crude oil prices which dropped approximately by 3.78 percent YoY to average $41.46 per barrel during first half of FY17.

Other operating expenses registered sizable decline of 71.5 percent YoY to Rs 868 million due to absence of any impairment loss. Fall in other incomes by 25.8 percent YoY to Rs 2.2 billion was neutralized by 29.1 percent YoY dropped in finance cost. On quarterly basis, earnings clocked in at Rs 3.07 per share for second quarter of FY17 registered growth of 5.2 percent (Quarter on Quarter) QoQ on back of 12.8 percent QoQ rise in topline and 64.6 percent QoQ decrease in other operating expenses. While on the other hand, 29.3 percent QoQ surge in field expenditures restricted earnings growth in second quarter FY17.