Pakistan Oilfields (POL) has posted an EPS of Rs 15.25 in first quarter of 2014, a growth of 41 percent on year-on-year basis, largely in line with street consensus, analysts at Shajar Research said. The growth in earnings primarily comes from higher topline and a substantial increase in the company's other income. The company's topline grew by 37 percent as it benefited from a rise in oil production from Tal Block and higher net realised oil prices in rupee terms.
The two-fold increase in Tal Block production more than offset the impact of the reduced production from POL's own operated fields, they said. The company's other income rose by a substantial 139 percent to Rs 1.2 billion as the company was able to record dividend income from its associated companies in this quarter, unlike last year. Last year the company recorded the same in second quarter, they said.
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