KARACHI: Pakistan Petroleum Ltd (PPL) reported on Friday its profit for the October-December quarter remained Rs14.2 billion, up 21 per cent from a year ago. It was down 15pc from the preceding quarter.

The company also announced an interim cash dividend of Rs1.50 per share, thanks to its better liquidity position, according to a note issued by Insight Securities.

Quarterly revenue increased 28pc year-on-year to Rs46.8bn. The rise is attributable to an 83pc increase in oil prices and a depreciation of 8.3pc on a year-on-year basis.

The exploration expense increased four times because of higher prospecting expenditures and ongoing exploration costs.

Other income clocked in at Rs2.7bn, thanks to the exchange rate gain and higher income on deposits.

Indus Motor posts Rs4.7bn income

Indus Motor Company Ltd said on Friday its net income in October-December amounted to Rs4.75bn, up 61pc year-on-year but down 12pc on a quarterly basis.

The company also announced an interim cash dividend of Rs30 per share, taking the half-yearly payout to Rs64.5 per share.

“The earnings were below our expectations due to a deviation in the gross margin, which stood at 7.56pc versus 10.8pc in the preceding quarter. In addition, hikes in vehicle prices were witnessed in the last month of October-December due to which the company was not able to pass on the costs,” a note by AKD Securities said.

The company’s share price declined 0.04pc to Rs1,418 apiece on Friday.

GSK earnings grow 59pc

GlaxoSmithKline Pakistan Ltd posted a net profit of Rs5.35bn for 2021, up 58.6pc from the preceding year, a stock filing showed on Friday.

The company’s top line increased 4.5pc to Rs36.6bn on an annual basis while its “other income” surged 29.2pc to Rs2.5bn. It also announced a final cash dividend of Rs7 per share.

Published in Dawn, February 26th, 2022