Pakistan Petroleum Net Rises on Higher Oil Production, Gas Rates

Pakistan Petroleum Ltd., the nation’s second-biggest energy explorer, said second quarter profit rose 8 percent as production from its domestic fields increased and the price of gas the company produces climbed.

Net income advanced to 11 billion rupees ($112.5 million), or 6.71 rupees a share, in the three months ended Dec. 31 from 10.2 billion rupees, or 6.22 rupees a share, a year earlier, the Karachi-based company said in a filing today. Sales rose to 26.2 billion rupees compared with 22.6 billion rupees a year earlier.

Oil production increased to about 9,700 barrels of oil a day in the quarter, compared with 8,016 barrels a year earlier, said Muhammad Affan Ismail, a Karachi-based analyst with BMA Capital Management Ltd. The price of gas from the Sui and Kandkot fields in southern Pakistan increased 18 percent and 24 percent per million British thermal units respectively, he said.

Pakistan Petroleum fell 0.8 percent to 177.55 rupees at 12:55 p.m. local time, the most in a week. The company will pay an interim cash dividend of five rupees on each share, and three rupees dividend on convertible preference shares, the company said in today’s statement.

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