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POL earnings fall to Rs 5.618bn

KARACHI: Pakistan Oilfields Limited (POL) has earned Rs 5.618 billion in the year ended on June 30, 2009 against Rs 8.616 billion in the previous year. The earnings per share of the company decreased to Rs 23.75 in the year under review over Rs 36.43 in the last year, a notice of Karachi Stock Exchange (KSE) showed on Thursday. The fall in the earnings of the company was affected by decline in the international oil prices as well as adverse situation on the volumetric font.

Company’s oil production fell by an alarming 27 percent YoY while its gas production also provided no respite, falling by 14.4 percent YoY in 2008-09. Though slide in Pindori field’s oil production by 72.6 percent continues catching the headlines but main source of concern for the company was its Pariwali field (contributes ~34 percent to POL’s oil & gas production each in FY09) as the field’s oil & gas production declined by a massive 22.5 percent YoY and 17.6 percent YoY respectively. The sales of the company also dropped to Rs 15.082 billion during the year from Rs 18.245 billion in the last year whereas operating incomes also moved up during the year. The company also announced a final cash dividend June 30, 2009 at Rs 10 per share i.e.100 percent. This is in addition to interim cash dividend Rs 8.00 per share. staff report

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