The profit after tax of Pakistan Oilfields Limited (POL) has significantly increased by 177 percent to Rs 2,278.178 million in the quarter ended March 31, 2010 as compared to Rs 821.818 million earned in the corresponding period of last year. The board of directors of the company in its meeting held on Tuesday declared that the company's earning per share surged to Rs 9.63 in the period under review against Rs 3.47 in the same period a year back.
"POL reported a significant increase of 177 percent in its profit on the back of additional revenues from Tal's oil and gas sales and better crude realisations", analysts said. On nine months basis, the company's profit increased by 19 percent to Rs 5.596 billion translating earning per share of Rs 23.66 against Rs 4.687 billion with per share earning of Rs 19.82 in the same period last year.
According to financial results sent to Karachi Stock Exchange (KSE), the company's net sales surged by 95 percent to Rs 5.209 billion in the third quarter of FY10 against Rs 2.673 billion in the same quarter last year, following a 76 percent jump in oil and gas production and 11 percent increase in net realisation.
The operating costs of POL increased to Rs 1,154.785 million in this quarter against Rs 911.338 million in the same quarter last year. The company's profit before taxation increased to Rs 2.859 billion in the third quarter of FY10 against Rs 1.172 billion recorded in the same quarter in FY09.
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