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Pakistan Oil & Gas Development’s Profit Falls on Higher Expenses

April 25 (Bloomberg) -- Oil & Gas Development Co., Pakistan’s biggest energy explorer, reported a 4.7 percent decline in third-quarter profit after the company spent more on operations and exploration.

Net income fell to 26.4 billion rupees ($268 million), or 6.15 rupees a share, in the three months ended March 31 from 27.7 billion rupees, or 6.43 rupees, a year earlier, the Islamabad-based company said in a filing today. Sales rose to 58.5 billion rupees, compared with 53.3 billion rupees a year earlier.

The company spent 10 billion rupees on operations, compared with 7.3 billion rupees in the same period a year earlier. Exploration costs also climbed to 3.4 billion rupees from 843 million rupees, according to the statement.

Shares for Oil and Gas Development rose as much as 0.5 percent to 204.50 rupees and traded little changed as of 11:42 a.m. in Karachi. They’ve gained 5.7 percent this year, compared with a 12 percent increase in the benchmark KSE 100 Index. The company will pay an interim cash dividend of 1.75 rupees a share.

To contact the reporters on this story: Khurrum Anis in Karachi at kkhan14@bloomberg.net;

To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net

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