PPL posts profit of Rs11.02bn in last quarter

ISLAMABAD: Pakistan Petroleum Limited (PPL) has announced profit of Rs 11.2 billion for last quarter ended on December 31 2012, registering an increase of 7.19 percent when compared it with Rs. 10.23 billion in the corresponding period of last year.

Besides, the PPL has announced the interim cash divided at Rs. 5.00 per share or 50 percent on fully paid ordinary shares for the year ending June 30, 2013 and in addition, Rs. 3.00 per share or 30 percent on fully paid Convertible Preference Shares.

In this regard, the company has approved transfer of an amount of Rs. 5.00 billion to dividend equalization reserve from un-appropriated profits to maintain divide declarations.

Moreover, the Earning Per Share (EPS) also has witnessed a enhancement to Rs. 6.71 in the last quarter of 2012 from Rs. 6.22 in the last quarter of 2011.

The rise in the net profit of company was due to an increase in net sale by 13.70 percent and a decrease in other operating expenses by 16.27 percent during the period under view.

However, the net sale stood at Rs. 26.20 billion in last quarter of the year against Rs.22.60 billion in the same period of last year.

The operating expenses recorded Rs0.88 billion against Rs. 1.05 billion during the period under view.

Apart from this, while comparing the results of second half of 2012 with the same period of last year, the profit of company stood at Rs. 22.32 billion, registering an increase of 9.87 percent against Rs. 20.11 billion.

The rise in the profit was due to an increase in sale by 10.69 percent and a decrease in operating expenses by 17.83 percent.

The EPS has also witnessed an enhancement from Rs. 12.24 in the second half of 2011 to 13.58 in the same period of 2012.

Talking to APP, Senior Stock Analyst of Aba Ali Habib Pvt Ltd, Zaheer Ahmed said that the result announced by the PPL was better not bad because the company had also announced Rs. 5.00 cash dividend.

The dividend announced by the company for last quarter is less than dividend of 3rd quarter but not bad due to the current situation of the market, he added.