KARACHI: Mari Petroleum Company Limited’s profit surged by 43 percent in the third quarter of fiscal year 2015-16.
As per its condensed interim profit and loss report sent to the PSX, three-month period witnessed profit of Rs1.83 billion, up by 43 percent against Rs1.28 billion in the corresponding period of the last year.
Mari’s earnings per share remained at Rs16.66 against Rs11.68 in the corresponding period of FY15. However, its nine-month results saw a decline of 0.4 percent.
During the nine month period, Mari announced profits of Rs3.89 billion against Rs3.90 billion in the same period of the last year. Its EPS was lowered to Rs35.29 against Rs35.44 in the same period of FY15. Mari did not announce any dividend.
Gross sales of the company during the nine months remained at Rs69.73 billion against Rs53.69 billion, while there were more expenses of Rs54.29 billion against Rs40.24 billion. Thus, the net sales of the company remained at Rs15.44 billion from Rs13.45 billion.
Profits of the company declined during the nine months because of operating expenses, exploration and prospecting expenditure and other charges that increased to Rs9.60 billion as compared to Rs5.96 billion. Other income, increased to Rs1.03 billion against the expenses of Rs268.56 million in the same period of FY15, gave some support to the books.
Meanwhile, Rafhan Maize Products Co Ltd has announced an increase of 41.5 percent in its profits during the quarter ended March 31, 2016.
Tthe company said that it earned profit of Rs964.76 million during the quarter against Rs681.53 million during the corresponding period of the last year. The company also announced an interim cash dividend of Rs50, or 500 percent, per share.
During the period under review, earnings per share (EPS) remained at Rs104.45 against Rs73.79 in the same period of 2015. Among others, a reason behind surge in the profit is net sales that increased by eight percent to Rs6.49 billion against Rs6.01 billion last year.
After deduction of cost of sales of Rs4.88 as compared to Rs4.83 billion, the gross profit of Rafhan Maize reached Rs1.61 billion against Rs1.18 billion in the corresponding quarter of 2015.
