KARACHI: Oil and Gas Development Company (OGDC) -- the heavyweight on the KSE -- announced profit-after-tax at Rs41.6 billion for the first half 2012, translating into earnings per share (eps) at Rs9.67.

Comparable figures for the corresponding period of the previous year were PAT at Rs31.6billion and eps at Rs7.35, showing a growth of 32 per cent in the latest period (YoY).

The OGDC board also declared an interim cash dividend at Rs1.50 per share, taking cumulative dividend to Rs3 per share in FY12 so far.

Net revenues for the period rose 14 per cent YoY to Rs88.7 billion, based on higher international crude oil prices and improved gas production.

Operating expenses jumped by 20 per cent YoY. However, absence of any dry well contained exploration expenditure at Rs1.8billion, down 50 per cent YoY.