Profit after tax of POL increases to Rs11.852bn

RECORDER REPORT

KARACHI: The profit after tax of Pakistan Oilfields Limited (POL) has increased to Rs 11.852 billion in the year ended June 30, 2012 (FY12) as compared to Rs 10.815 billion earned in FY11.

The company’s earning per share increased to Rs 50.11 in the period under review against Rs 45.72 in the same period last year.

The board of directors of the company in its meeting held on September 15, 2012 at Dubai recommended a final cash dividend for the year ended June 30, 2012 at Rs 35 per share, i.e. 350 percent. This is in addition to interim cash dividend at Rs 17.5 per share, i.e. 175 percent already paid to the shareholders, thus making a total cash dividend of Rs 52.5 per share, i.e. 525 percent for the year ended June 30, 2012.

According to the financial results sent to Karachi Stock Exchange on Monday the company’s sales increased to Rs 30.822 billion in FY12 against Rs 27.102 billion in FY11. The company paid Rs 2.198 billion as sales tax in this period against Rs 2.151 billion paid in the same account last year.

The company’s operating cost increased to Rs 6.262 billion in FY12 against Rs 5.537 billion in FY11, excise duty and development surcharge Rs 317.532 million against Rs 352.485 million, royalty Rs 2.730 billion against Rs 2.310 billion and amortization of development and decommissioning costs at Rs 1.807 billion against Rs 1.122 billion.

The company’s profit before taxation increased to Rs 17.375 billion in FY12 against Rs 14.950 billion in FY11.