Pakistan Oilfields Ltd., the nation’s third-biggest fuel explorer, said profit rose after production increased.
Net income climbed to 2.28 billion rupees ($27 million), or 9.63 rupees a share, in the three months ended March 31, from 821.8 million rupees, or 3.47 rupees, a year earlier, according to a filing by the Rawalpindi-based company to the Karachi Stock Exchange today. Third-quarter sales rose to 5.66 billion rupees from 2.92 billion rupees.
Higher production from the Tal block, which includes the Manzalai field, contributed to the increase in profit, said Shahbaz Ashraf, a research analyst at Arif Habib Securities Ltd. in Karachi, who has a “hold” recommendation on the stock. Output at the Manzalai field rose to 232 million cubic feet a day of gas currently from 38 million cubic feet a year earlier, according to a report by Arif Habib Securities on April 19.
Pakistan Oilfield’s exploration costs increased to 291.4 million rupees during the quarter from 257.1 million rupees a year earlier, according to the statement.
Pakistan Oilfields shares fell 0.2 percent to 247 rupees at 9:36 a.m. local time on the Karachi Stock Exchange. They have increased 7 percent this year.
Profit in the first nine-months of the financial year rose to 5.59 billion rupees from 4.69 billion a year earlier.