Pakistan Petroleum Profit Climbs as Output Rises, Rupee Weakens
Pakistan Petroleum Ltd., the nation’s second-biggest energy explorer, said full-year profit rose 2.5 percent as production from its domestic fields increased and the rupee depreciated against the U.S. dollar.
Standalone net income was 42 billion rupees ($406 million), or 25.53 rupees a share, in the 12 months ended June, compared with 40.9 billion rupees, or 24.91 rupees a share, a year earlier, the Karachi-based company said in a filing today. Sales rose to 102 billion rupees, from 96 billion rupees.
Output increased by 12 percent to about 9,700 barrels of oil per day, Muhammad Affan Ismail, an analyst at BMA Capital Management Ltd. in Karachi, wrote in an Aug. 15 note to clients. The depreciation of the Pakistani rupee, which fell 5 percent against the dollar in the 12-month period according to data compiled by Bloomberg, also helped boost profit, he wrote.
Pakistani explorers sell oil to refiners such as National Refinery Ltd., Pakistan Refinery Ltd. and Attock Refinery Ltd. at prices that are linked with the international market. Gas is sold to the country’s two utilities Sui Southern Gas Co. and Sui Northern Gas Pipelines Ltd.
Pakistan Petroleum declined 3 percent to 243.33 rupees at the close in Karachi trading. The company will pay a final cash dividend of 5.50 rupees on each share and give one free share for every 5 held, it said in the statement.
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