The net profit of the Oil and Gas Development Company (OGDC) increased by 15 percent to Rs 49.185 billion in the nine-month period ended on March 31, 2011 as compared to Rs 42.609 billion earned in the corresponding period in 2010. The company's earning per basic share increased to Rs 11.44 in the period under review against Rs 9.91 in the same period of last year.
The board of directors of the company in its meeting held on Wednesday recommended interim cash dividend of Rs 1.5 per share ie 15 percent. According to the financial results sent to Karachi Stock Exchange (KSE), the company's net revenues for the period witnessed a growth of 13 percent on year-on-year basis and stood at Rs 122.3 billion.
"The growth in top-line is mainly attributed to higher international crude oil and realised gas wellhead prices", an analyst said. However, the impact was somewhat mitigated by approximately 4 percent decline in the company's oil production. Exploration expenditure during the period dipped to Rs 4.2 billion compared to Rs 6.1 billion in the same period of last year. This was primarily due to slower drilling and exploration activities. Other income, too, fell by 33 percent to Rs 1.6 billion owing to lower cash balance held by the company.
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