KARACHI : Pakistan Petroleum Ltd (PPL) on Wednesday reported a 17.9 percent jump in full-year net profit, fuelled by higher well-head gas and crude oil prices and strong growth.
In a statement to the Karachi Stock Exchange (KSE) PPL, which operates Pakistan's largest gas field, posted a net profit of 19.77 billion rupees ($273 million) in the year to June 30. This compared with a net profit of 16.77 billion rupees for the previous year.
"The growth was primarily because of higher well head gas prices and oil prices and also an increase in oil production," said Umer Bin Ayaz, an analyst at JS Global Capital Ltd.
The result was below analysts forecasts ranging between 20.1 billion rupees and 21 billion rupees, which they said was due to a higher taxation rate.
Taxation amounted to 10.74 billion rupees for 2007/08 fiscal year, compared with 7.6 billion rupees in the previous year.
Revenue grew to 45.71 billion rupees, compared with 38.38 in the previous year.
PPL also announced a 10 percent stock dividend and earnings per share of 26.12 rupees.
At 0740 GMT, PPL shares were down 1.43 percent at 201.30 rupees, while the broader Karachi market was down 4.03.
Copyright Reuters, 2008
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