KARACHI, April 26: The International Finance Corporation (IFC) -– a private sector arm of the World Bank -– that holds second largest equity stake in Pakistan Petroleum Limited (PPL) appears to have converted its entire holding of 41 million shares from physical form to Central Depository Company (CDC).

The total paid-up share capital (number of shares) of PPL stands at 132.1 million, which is represented by 102 million shares held by the public; 41 million shares in the hands of the IFC; and just about four per cent by ‘others’.

The CDC website shows a recent huge rise in number of shares of PPL in CDC (scrip less form) from under 100 to 132.1 million, which some analysts believed represented the 41 million shares held by the IFC. “Since the IFC is the only one with a holding of that size, it is possible that it could have opted to convert its shares in scrip less form,” says an analyst. A company official thought the same, but asked not to be named.

Other than that, it was a day when PPL announced its results for nine months ended March 31. The company posted profit after tax amounting to Rs6.196 billion, representing earning per share (eps) at Rs9.03. After tax profit for 3QFY05 stood at Rs2.140 billion (eps: Rs3.12). No dividend was announced by its board.

Analysts at Taurus Securities said in their results review profit after tax for nine months was in line with their forecast of Rs6.15 billion (eps: Rs8.97). Taurus observed that due to the higher international crude prices and gradual dismantling of the Sui gas purchase agreement, PPL was expected to depict earnings growth in the coming years despite decreasing natural gas production from its major fields of Sui and Kandhkot.

Analysts at BMA Capital Management said in their results review for the nine months period, the company showed a 31 per cent growth over the corresponding figure last year, and seven per cent growth over the same quarter last year. Top line increased to Rs16.75 billion from Rs12.65bn. The Analysts noted that costs and expenses had grown for PPL, which included a 25pc rise in development expenditure, 39 per cent increase in royalties and a 42 per cent surge in other charges.