The after tax profit of Oil and Gas Development Company (OGDCL) has declined to Rs 12.065 billion mainly due to huge decline in company's sales in the first quarter (July-September) of FY10 as compared to Rs 18.979 billion earned in the corresponding period in FY09.
The company's earning per share has declined to Rs 2.81 in the period under review against Rs 4.41 in the same quarter last year. The board of directors of the company in its meeting held on Thursday approved first interim cash dividend for the year 2009-10 on the basis of accounts for the period ended September 30, 2009 at Re. 1.00 per share ie 10 percent.
According to the financial results, the company's net sales declined to Rs 31.825 billion in this quarter against Rs 41.383 billion in the same quarter last year. The company paid Rs 3.614 billion as royalty against Rs 4.963 billion.
The operating expenses increased to Rs 5.222 billion against Rs 5.063 billion while transportation charges stood at Rs 447.508 million against Rs 467.970 million. The company's before tax profit declined to Rs 20.407 billion in the first quarter of FY10 as compared to Rs 18.979 billion recorded in the same quarter in FY09.