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QUARTER REVIEW
Net sales
decreased by 3.0%toRs10,251million (Sep 30, 2018:
Rs10,570million). Volumes variance is unfavorable by
Rs670million and Price variance is favorable byRs351
million
Sales volumes
of CrudeOil decreased by 9.4%, Gas by 3.1%and
POLGASby 2.4%as compared to corresponding
period.
Cost of sales
decreased by 16.1%toRs3,956million (Sep 30, 2018:
Rs4,714million), mainly because of lower operating cost
and amortization during the current period.
Gross profit
increased by 7.5%toRs6,295million (Sep 30, 2018:
Rs5,526million).
Exploration costs
decreased by 48.6%toRs376million (Sep 30, 2018:
Rs731million), mainly due to charging of dry and
abandonwell cost of Mamikhel deep 1 of Rs644.5
million in previous period.
Finance costs
decreased by 65.5%toRs139million (Sep 30, 2018:
Rs402million). Exchange difference is lower byRs475
million due toRupees appreciation against USdollar as
compared to last period. Thiswas offset by unwinding
cost increased byRs212million as compared to the last
period.
Other income
decreased by 44.4%toRs467million (Sep 30, 2018:
Rs841million), mainlybecause of exchange loss and
lower dividend received fromassociated company.
Profit after tax
increased by 3.6%toRs4,008million (Sep 30, 2018:
Rs3,867million).
Earnings per share (EPS)
increased by 3.6%toRs14.12 (Sep 30, 2018: Rs13.62).
Net sales
increased by 12%toRs11,461million as compared
to first quarter due to higher sales volume and higher
exchange rate as compared to the first quarter.
Sales volumes
of CrudeOil increased by 8.8%, Gas increased by 2.1%
and POLGAS increased by 7.5%as compared to first
quarter.
Cost of sales
ncreased by 21.7%toRs4,824million as compared
to first quartermainlybecause of higher royalty and
operating costs during the period.
Gross profit
increased by 5.6%toRs6,637million as compared to
first quarter due to higher sales during the period.
Exploration costs
increased by 7.9%toRs415million as compared to first
quarter.
Finance costs
increased by 121.4%toRs309million as compared to
first quarter. Exchange difference is lower byRs164.8
million due to rupees depreciation against USdollar as
compared to last period.
Other income
increased by 51.4%toRs707million as compared to
first quartermainly because of lower exchange loss i.e.
230million as against 467million in first quarter.
Profit after tax
increased by 13.8%toRs4,560million as compared
to first quarter due to increase in sales volume as
compared to last quarter.
Earnings per share (EPS)
increased by 13.8%toRs16.07 as compared to first
quarter.
Quarter 2
Quarter 1
90
PAKISTANOILFIELDS LIMITED