KARACHI: Pakistan Petroleum Ltd (PPL) on Thursday reported that its earnings per share (eps) for the third quarter (3QFY17) of this fiscal year recorded an increase of 87 per cent year-on-year (YoY) to Rs3.69 from Rs1.97.

Pre-tax profit of the company rose by 79pc while lower effective tax rate led to 87pc increase in after tax earnings. PPL’s earnings grew mainly on the back of 31pc growth in revenues.

“Revenues increased considerably owing to higher Arab Light Crude oil price, up 77pc YoY to $52.5 per barrel and rise in hydrocarbon production levels,” said analysts.

Oil volume improved by around 17pc to average 17.3k barrels per day.

Hubco profit down to Rs8.06bn

Hub Power Company Ltd (Hubco) posted a profit after tax (PAT) of Rs8.064 billion (eps Rs6.59) in the first nine months of 2016-17 (9MFY17), down by 7pc YoY compared to Rs8.676bn (eps Rs7.21) in same period last year.

In 3QFY17, earnings declined by 13pc YoY to Rs2.21 per share. Alongside the results, Hubco declared a cash dividend at Rs2 per share, taking total dividend to Rs5 per share in 9MFY17 against Rs8 per share distributed in the last comparable period.

The consolidated turnover of the company grew 33pc YoY. This was mainly due to higher durnace oil prices, up 44pc, on the back of rising international crude oil prices. However, delay in recoveries of overdue receivable put burden on the company’s liquidity.

MISIL profits show 7pc rise

Mughal Iron & Steel Industries Ltd (MISIL) registered PAT of Rs727m (eps Rs2.89) for 9MFY17 against Rs652m (eps Rs2.59), a 12pc YoY rise.

Sales revenue decreased by 10pc to Rs13.27bn compared to Rs14.74bn during 9MFY16 despite an increase in sales volume as average selling prices dropped by 5.27pc.

Finance costs fell by 51pc during the period under review. The company posted 3QFY17 diluted eps of Re1. The earnings improved 16pc quarter-on-quarter on account of relatively better gross margins.

The company also announced a dividend of Rs2 per share in the outgoing quarter immediately after the issue of right shares.

Published in Dawn, April 28th, 2017