Oct. 31 (Bloomberg) -- Pakistan Petroleum Ltd., the nation’s second-biggest energy explorer, said first quarter profit rose 14 percent as production from its domestic fields, increased.
Net income advanced to 11.3 billion rupees ($118 million), or 6.88 rupees a share, in the three months ended Sept. 30 from 9.9 billion rupees, or 6.02 rupees a share, a year earlier, the Karachi-based company said in a filing today. Sales gained 8 percent to 24.5 billion rupees.
Production increased approximately 21 percent to 9,039 barrels of oil a day from 7,474 barrels in same period, last year, Shahid Ali, an analyst with M.M. Securities, said by phone.
“The increase primarily came from Nashpa in north, Adhi in central Punjab and Qadirpur in southern Sindh,” Ali said. Contribution from these fields to the company’s total production has increased 61 percent from 47 percent.
Pakistan Petroleum rose 0.4 percent to 172.25 rupees in Karachi today, according to data compiled by Bloomberg.
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