The profit after tax of Pakistan Petroleum Limited (PPL) increased by 48 percent, to Rs 16.618 billion, in the first half of FY11 as compared to Rs 9.754 billion earned in the corresponding period of last year. The company''s earning per share increased to Rs 13.91 in the period under review against Rs 8.16 in the same period a year back.
The board of directors of the company in its meeting held on Monday recommended an interim cash dividend of Rs 5 per share. According to the financial results, the company''s sales increased to Rs 37.416 billion in this period against Rs 25.287 billion. The company''s field expenditures increased to Rs 9.979 billion against Rs 7.716 billion while royalties increased to Rs 4.434 billion against Rs 2.958 billion. The company''s profit before taxation increased to Rs 23.109 billion in the half year period in FY11 against Rs 14.721 billion in the same period last year.
Umer Bin Ayaz, an analyst at JS Global Capital, said that the growth in the company''s earning is mainly attributable to a 48 percent rise in the company''s sales mainly led by higher oil and gas production and an upward revision in gas wellhead prices of Sui and Kandhkot fields. Similarly, the company''s field expenditures increased mainly owing to increase exploration activities during the period under review.
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