KARACHI, April 28: Pakistan Petroleum Limited (PPL) posted after tax profit at Rs9.58 billion for the nine months ended on March 31, 2006. That translated into earning per share (eps) at Rs13.98 and represented 42 per cent growth over the taxed profit amounting to Rs6.77 billion and eps at Rs9.87 in the corresponding period of the previous year.

The Board, which declared the results on Friday, did not announce a payout as is historically the tradition, but Rs3.50 had been paid with the first half results.

The results fell almost close to some analysts’ expectations, but stood at wide variance with others: estimates ranged between eps of Rs13.16 and Rs14. The share in PPL has 6.55 per cent weightage in the KSE-100 index, which is fourth heavyweight after OGDC; PTCL and NBP. The stock closed Rs7.50 on Friday, down at Rs275, from its opening price of Rs282.50. In the overall market plunge of 342 points on Friday, PPL contributed 35 points.

PPL sales amounted to Rs23.17 billion for the three quarters under review, higher by 38 per cent over Rs16.75 billion in the same time last year.

Sector analysts thought that sales could have risen on the back of gradual increase in pricing formula for Sui and Kandhkot wellhead gas prices, increase in wellhead gas prices of other fields and higher production. Revision of wellhead gas price of Qadirpur field, Sawan and Miano Gas fields could also be the contributory factors in top line growth.