The profit after tax of Oil and Gas Development Company (OGDC) has surged to Rs 21.915 billion in the quarter ended September 30, 2011 as compared to Rs 16.709 billion earned in the corresponding period in 2010. The company's earning per share increased to Rs 5.10 in the period under review against Rs 3.89 in the same period last year.
The board of directors of the company in its meeting held on Thursday approved first interim cash dividend for the year 2011-12 on the basis of accounts for the period ended September 30, 2011 at Rs 1.50 per share, ie 15 percent. According to the financial results sent to Karachi Stock Exchange, the company's net sales increased to Rs 44.686 billion in this quarter against Rs 39.451 billion in the same quarter last year.
The company paid Rs 5.115 billion as royalty in this quarter as compared to Rs 4.523 billion paid in the same account in the corresponding period last year. The company's operating expenses increased to Rs 7.230 billion against Rs 5.985 billion and transportation charges increased to Rs 435.928 million against Rs 397.392 million.
The company's other income surged to Rs 2,303.861 million in this quarter against Rs 606.786 million in the same quarter last year. The company's exploration and prospecting expenditure reduced to Rs 665.278 million against Rs 2,531.913 million in the same quarter last year while general and administrative expenses decreased to Rs 417.763 million against Rs 877.238 million. The finance cost increased to Rs 407.448 million against Rs 355.066 million and workers' profit participation fund increased to Rs 1.636 million against Rs 1.270 million. The company's profit before taxation increased to Rs 31.097 billion in this quarter as compared to Rs 24.137 billion in the same quarter in 2010.
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