KARACHI: Pakistan Oilfields Limited earned Rs5.82 billion profit during the nine months of FY16 against Rs7.31 billion in the corresponding period of the last year, down by 20.2 percent.
According to a notification issued to PSX, the company announced earnings per share of Rs24.5 against the EPS of Rs30.7 recorded during the same period of the last year.
Major reason of this decline in the earnings is lower Arab light crude prices (down 52 percent year-on-year). During the period, the revenue of the company remained lower by 22 percent YoY to Rs21.16 billion due to lower crude oil prices.
Net sales of the company declined to Rs19.13 billion, down 24 percent as compared to Rs25.18 billion in the same period of the last year. Operating cost of the company remained at Rs7.13 billion against Rs7.18 billion.
Gross profit of POL also witnessed a significant decline of 61 percent as it went down to Rs8.33 billion from Rs13.44 billion. Other income of the company also remained lower to Rs910.7 million against Rs1.08 billion.
