KARACHI: The Oil and Gas Development Company Limited (OGDC) announced nine month fiscal year 2014 financial results on Monday, posting profit-after-tax at Rs90.9bn (eps of Rs21.14) against earnings of Rs75.8bn (eps of Rs17.61) in nine months of fiscal year 2013, up 20 per cent year on year.

In the third quarter of fiscal year 2014 alone, earnings clocked in at Rs5.51 per share (down 10pc year on year and 21pc quarter on quarter). The results were generally below the market consensus forecast of eps between Rs21.8 to Rs22.5.

Along with the results, OGDC announced a third interim cash dividend at Rs2.25 per share, taking the cumulative dividend to Rs6.25 per share for fiscal year 2014.

In the third quarter of fiscal year 2014, net sales of OGDC declined by 8pc quarter on quarter due to revaluation of the rupee against the dollar, leading to a 10 per cent quarter on quarter decline in gross profits.

At the same time, exploration costs edged up by 20pc quarter on quarter while ‘other Income’ declined by 17pc quarter on quarter.