KARACHI, Jan 31: Pakistan Petroleum Limited (PPL) announced half year to end December 31, 2004 results, posting after-tax profit at Rs 4.1 billion.
This reflected increase of 47.4 per cent over the taxed profit at Rs2.8 billion in the corresponding six months of the previous year.
The board, which met on Monday, also announced payment of interim cash dividend at Rs2.50 per share. Both the earnings and payout were in line with analysts' expectations.
Sales for the 1H05 increased 36 per cent to Rs10.7 billion, from Rs7.6 billion in the previous similar period. Analysts said that the profits had risen due to dual impact of higher gas production along with the increase in gas prices.
During the period, gas prices of Sui and Kandkhot wellhead were increased by 32 per cent under the new Sui and Kandhkot Gas Price Agreement, whereas, the higher gas production had resulted from the commencement of commercial production from Sawan field. At the stock market, the price in Pakistan Petroleum Limited stock gained Rs4.25 to close at Rs135.50, with trading seen in 8 million shares.
