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The profit after tax of Pakistan Oilfields Limited (POL) has increased to Rs 8.616 billion in the year ended June 30, 2008 as compared to Rs 5.939 billion earned in the corresponding year. The company's earning per share surged to Rs 43.71 in the period under review against Rs 30.13 in the same period last year.
The board of directors of the company in its meeting recommended a final cash dividend for the year at Rs 16 per share ie 160 per cent. The board also recommended to issue bonus shares in the proportion of one share for every five shares held ie 20 per cent. According to the financial results, the company's sales increased to Rs 18.245 billion in FY08 against Rs 16.331 billion in the same period in FY07.
The company paid Rs 1.506 billion as Sales Tax in this period against Rs 2.091 billion paid in the same period in this account a year back. The operating cost increased to Rs 3.350 billion against Rs 3.311 billion, royalty increased to Rs 1.527 billion against Rs 1.281 billion while decommissioning cost increased to Rs 1.116 billion against Rs 914.486 million.
The company paid Rs 161.804 million as Excise Duty and development surcharge in this period against Rs 182.015 million paid in this account a year back. The company's gross profit recorded at Rs 10.583 billion in this period against Rs 8.550 billion while the company's profit before tax increased to Rs 11.420 billion against Rs 7.696 billion.

Copyright Business Recorder, 2008

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