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Selected notes to and forming part of the Condensed Interim
Consolidated Financial Information (Unaudited)
For the nine months period ended March 31, 2018
5. Capital reserves
59,754
15,416
1,941,044
2,016,214
6. Revenue reserves
200,000
6,852,325
24,615,156
31,667,481
7. Deferred liabilities
7,368,327
9,843,181
4,009
8,172
17,223,689
8. Trade and other payables
9. Contingencies and commitments
Contingencies:
a)
3,083
b)
Bonus shares issued by subsidiary/associated companies
59,754
Special reserve
15,060
Utilised Special reserve
1,941,044
2,015,858
Insurance reserve
200,000
General reserve
6,102,325
Unappropriated profit
27,539,655
33,841,980
Provision for deferred income tax
7,229,001
Provision for decommissioning cost
8,578,227
Provision for gratuity
6,153
Provision for staff compensated absences
10,075
15,823,456
These include balances due to joint venture partners amounting to Rs 2,157,491 thousand
(June 30, 2017: Rs 2,158,196 thousand) and balances due to related parties amounting to Rs
493,508 thousand (June 30, 2017: Rs 134,117 thousand).
Guarantee issued by banks on behalf of the company
3,083
The Company is currently contesting applicability of super tax @ 3% of taxable profit from
oil and gas operation under Petroleum Concession Agreement (PCAs) and has filed a writ
petition in Islamabad High Court on the grounds that the Company being an exploration
and production company falls under Special tax Regime as granted under PCAs.
Management based on legal advise is confident that the writ petition will be decided in
favour of the company, accordingly provision of Rs 522 million has not been made in this
respect in the financial statements of years ended June 30, 2015, June 30, 2016 and June
30, 2017.
Mar. 31, 2018
Jun. 30, 2017
Rupees ('000)
Mar. 31, 2018
Jun. 30, 2017
Rupees ('000)