KARACHI: Attock Petroleum Ltd posted a profit after tax (PAT) of Rs1.48 billion during the second quarter of this fiscal year against Rs1.59bn in the corresponding period of last year, a fall of 7 per cent.

The company’s board on Wednesday also announced an interim cash dividend of Rs15 per share. On a sequential basis, earnings ticked higher by 11pc quarter-on-quarter due to improved gross margins amid inventory gains, compared to inventory loss in last quarter and higher margins on regulated and deregulated products.

The company’s earnings per share (EPS) for this quarter were Rs17.85 compared to Rs19.21 in the same period of 2018.

Pakistan Oilfields Ltd: The company recorded Rs2.23bn profit EPS at Rs9.42 during the second quarter of 2017-18, down 5pc year-on-year and 12pc quarter-on-quarter.

The profit was significantly lower than street expectations as the company reversed Rs3.01bn of gas revenues attributable to enhanced gas prices for conversion of Tal’s block. Also, it did not book the previously un-booked retrospective impact of Rs3.39bn related to the block.

This was attributable to Ministry of Energy (Petroleum Division) making amendments in Petroleum Policy 2012 imposing windfall levy on oil and condensate (which was previously not applicable).

Along with the result company announced interim dividend at Rs17.5 per share.

ICI Pakistan Ltd: It announced unconsolidated profit-after-tax for the six months ended Dec 31, 2017 at Rs1,463 million, 5pc lower than the same period last year.

The company said in a statement that the profit slip was mainly due to a higher exchange loss of Rs238m caused by the devaluation of the rupee, and a lower dividend of Rs210m from the its subsidiary as compared to the same period last year. Subsequently, EPS for the six-month period stood at Rs15.84.

An interim cash dividend of Rs8 (80pc) per share was declared. Net turnover for the six-month amounted to Rs23.1bn, up 18pc over corresponding period of the last year.

Published in Dawn, January 25th, 2018