KARACHI, Oct 25: Pakistan’s biggest listed firm, Oil and Gas Development Co Ltd (OGDCL), on Thursday reported flat earnings for the first quarter of 2007-08 as higher exploration costs offset the impact of increased output.

Net profit for the quarter to Sept 30 totalled Rs12.33 billion ($203.1 million), the same as a year ago.

It came in below analysts’ expectations ranging between Rs12.46 billion to Rs13.40 billion.

OGDCL, which has a weighting of 14.26 per cent in the main Karachi Stock index, announced a cash dividend of Rs1.75 per share.

Earnings per share of Rs2.87 were unchanged from the corresponding period last year.

—Reuters