KARACHI: Pakistan Oilfields Limited (POL) recorded an after-tax profit of Rs4.2bn for the first quarter of this fiscal year, translating into earnings per share (eps) at Rs17.62.

It represented a growth of 15pc over Rs3.6bn profit (eps Rs15.25) in the year-ago period.

Investment analyst Muhammad Affan Ismail at BMA Capital Management Ltd said the results were above consensus forecast on account of lower-than-estimated amortisation charges (down 30pc year-on-year) primarily due to high base effect. “To recall, POL reported a hefty amortisation write-off pertaining to reserve downgrade at Manzalai field last year,” he said.

The surge in earnings during July-September could also be attributed to 11pc increase in sales to Rs9.8bn on account of 19pc higher oil production.

Other income of the company declined by 32pc to Rs830m on account of 20pc lower dividend from APL at Rs174m and absence of payout from NRL.

Published in Dawn, November 1st, 2014