KARACHI: The Oil and Gas Development Company Limited (OGDCL) has announced 36 percent decline in its earnings during the nine months of current fiscal year.
In its condensed interim profit and loss statement issued to the PSX, OGDCL declared profits of Rs43.49 billion during the period as compared to Rs68 billion in the same period of the last year.
OGDCL also announced an interim cash dividend of five paisas per share. It is in addition to cumulative interim cash dividend of Rs2.7 already paid. The company’s earnings per share (EPS) also decreased to Rs10.11 as compared to Rs15.81.
The major reason behind a fall in the revenues is a decline of 25 percent in net sales to Rs122.71 billion from Rs162.69 billion. Expenses of sales remained Rs67.67 billion against Rs105.53 billion.
During the period under review, other income of the OGDCL also fell to Rs11.63 billion against Rs15.49 billion. For the quarter ended March 31, 2016, profits of the company also lowered to Rs9.29 billion from Rs20.17 billion in the same quarter of FY15.
