Pakistan Oilfields Ltd. (POL), the nation’s third-biggest energy explorer, said profit for the first-quarter fell 26 percent because of a decline in oil and gas production.
Net income fell to 2.57 billion rupees ($27 million), or 10.85 rupees a share, in the three months ended Sept. 30 from 3.45 billion rupees, or 14.61 rupees a share, a year earlier, the Rawalpindi-based company said in a filing today. Sales fell 9 percent to 7.15 billion rupees.
Oil production declined 7.5 percent to 4,451 barrels a day, compared with the same period last year, said Shahid Ali, a research analyst with MM Group of Companies in Karachi. Gas output also fell 9.2 percent to 83 mmcfd from a year before.
“There has been an abnormal decline in at least four fields the company operates,” Ali said. “The fields, which are located in the country’s north, contribute 25 percent to the company’s total production, down from 35 percent in 2010. The company has not been aggressive in initiating exploration activity on their new fields either.”
Pakistan Oilfields fell as much as 1.5 percent to 404.75 rupees, the lowest since Aug. 10, at 9:39 a.m. local time in Karachi trading. The shares have advanced 18 percent this year, compared with a 41 percent gain in the benchmark KSE100 index.
To contact the reporter on this story: Khurrum Anis in Karachi at firstname.lastname@example.org
To contact the editor responsible for this story: Amit Prakash at email@example.com