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Pakistan Petroleum Limited (PSX: PPL) announced a 35 percent year-on-year increase in unconsolidated bottom-line for FY19. And while the growth in earnings is sanguine, most of it had to do with currency fluctuation. PPL’s top-line witnessed a growth of 30 percent year-on-year. Amid flattish growth in volumetric sales of oil and gas and some recovery in oil prices, the growth in revenues had largely to do with currency devaluation during the year.

The other boost by currency devaluation came at the other income that grew by 77 percent in FY19. The other income largely constitutes foreign currency term deposits. However, on the expense side, despite lower exploration and prospecting activity PPL’s exploration expenditure increased by over two times due to the incorporation of offshore Kekra-1 dry well cost. At the same time finance cost also grew by 76 percent, adding to the factors dragging the earnings of the E&P giant.

Recently PPL announced that it is increasing its authorized share capital by Rs10 billion, which is 1 billion ordinary shares and can be seen in the company announcing a 20 percent bonus share for ordinary shareholders and 10 percent bonus shares for convertible preference shareholders besides the Rs2 per share cash dividend along with the FY19 financial performance.