Sept. 17 (Bloomberg) -- Pakistan Oilfields Ltd., the nation’s third-biggest energy explorer, said full-year profit rose 10 percent because of higher global oil prices.
Net income climbed to 11.9 billion rupees ($126 million), or 50.11 rupees a share, in the 12 months ended June 30 from 10.8 billion rupees, or 45.72 rupees a share, a year earlier, the Rawalpindi-based company said in a filing today. Sales rose 13.7 percent to 30.8 billion rupees.
Pakistan Oilfields benefited from an 18.5 percent increase in the average price of Arab Light crude in the period from a year earlier, said Naveed Vakil, head of research at AKD Securities in Karachi, who has a buy recommendation on the stock. The company increased oil production by 2 percent to 4,637 barrels per day and gas production by 1 percent to 87.3 million cubic feet a day, he said.
“These flat increases were because of delays in bringing new discoveries into the system, plus slippages in the current production as well,” Vakil said. “We expect production levels to be better since these slippages and delays will be addressed.”
Pakistan Oilfields rose as much as 3.2 percent to 433.60 rupees in Karachi trading. The shares have advanced 24 percent this year, compared with a 39 percent gain in the benchmark KSE100 index.
The company plans to pay a cash dividend of 35 rupees a share, according to the filing.
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