KARACHI: Pakistan Petroleum (PPL) on Wednesday posted unconsolidated net profit of Rs17.2 billion for 2015-16, down 55 per cent from earnings recorded in the preceding 12-month period.

The board of directors also recommended a final cash dividend of Rs3.50 per share (35pc), which is in addition to the already paid interim dividend of Rs2.25 per share (22.5pc) and Rs0.75 per share (7.5pc) on convertible preference shares.

Sales for the year stood at Rs80.2bn, 24pc lower than Rs104.8bn recorded a year ago. The company’s secretary stated in an accompanying statement that during the year the firm acquired 100pc shareholding of MND Exploration and Production (E&P), an entity incorporated in England and Wales.

Published in Dawn, January 19th, 2017