KARACHI: Attock Petroleum Limited (APL) declared 3QFY18 profit after tax (PAT) at Rs1.45bn (earnings per share: Rs17.52), up 21 per cent over PAT at Rs1.20bn (EPS: Rs14.50) in the corresponding period last year. The 9MFY18 PAT stood at Rs4.26bn. Sales of the company for the third quarter improved by 30pc year-on-year to Rs45bn while gross profits were up 37pc to Rs2.5bn.
Analysts reckoned that higher sales from white oil products (petrol and diesel) improved bottom line as it was a higher margin product. Other market watchers believed that gross profit remained higher than expectations, possibly due to higher than anticipated inventory gains amidst increasing international crude oil prices.
Mari Petroleum PAT jumps: The company recorded earnings of Rs4bn (EPS: Rs36) in 3QFY18, up 134pc year-on-year. “Though earnings were considerably higher on yearly basis, they fell short of our expectations primarily on the back of higher expenses,” said analyst Nabeel Khursheed of Topline Securities.
Revenues grew by a considerable 55pc year-on-year during the quarter as a result of higher Arab Light oil prices, currency devaluation, unwinding of entitlement factor of Mari gas field price; higher gas production from Mari field, up 6pc to average 725mmcfd and higher price benefit on incremental production.
Nestle profit down: The multinational’s Pakistani subsidiary reported PAT at Rs3.4bn, representing EPS at Rs74.7, down 17pc year-on-year. While net sales of the company improved by 8pc to Rs33bn, gross profits were down 2pc. Analysts attributed the trend to lower gross margins on the back of higher input cost. Distribution and selling expense were up 14pc that contained the company’s profits.
ATRL earns Rs19.6m: Attock Refinery Ltd (ATRL) reported earnings of Rs19.6 million (EPS: Rs0.2) during 3QFY18 compared to Rs524m (EPS: Rs6.2) in the same period last year.
This decline was primarily due to losses on refinery operations which registered loss of Rs5.1 per share versus EPS at Rs1.9 during the same period last year. Non-refinery operations reported earnings of Rs5.3 per share during the the quarter.
NRL posts losses: National Refinery (NRL) declared loss of Rs54.59m (loss per share: Rs0.68) during 3QFY18 from PAT at Rs2.7bn (EPS: Rs33.84). Sales of the company improved by 18pc year-on-year to Rs31.1bn whereas gross profits were down by 68pc due to losses on its refinery operations and lower margins on its lube business.
Published in Dawn, April 17th, 2018
For more live updates, follow Dawn.com's official news Instagram account @dawn.today