April 29, 2008	Tuesday	Rabi-us-Sani 22, 1429

KARACHI, April 28: Oil and Gas Development Co Ltd (OGDCL) on Monday reported a 4.7 per cent rise in earnings for the first nine months (July-March) of 2007-08, thanks to strong volumes and better prices.

Net profit for the period under review was at Rs36.25 billion, compared with Rs34.63 billion in the year-ago period.

The result was slightly below market expectations. Five analysts surveyed by Reuters forecast net profit in a range of Rs36.4 billion and Rs38 billion.

“The rise in profits is on account of rising international oil prices along with an increase in the company’s oil and gas production,” said Munib Farid, analyst at Arif Habib Ltd.

He said the firm’s oil and gas production rose by 7 per cent and 5 per cent, respectively, year-on-year in the nine months.

Increased exploration costs reduced the impact on higher revenue, he added.

OGDCL also announced an interim cash dividend of Rs2.25 per share. It has already given dividends of Rs3.75 in the first six months.—Reuters