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Corporate results: OGDC’s distinction falls 31%, stays above marketplace expectations
- Updated: August 24, 2016
Company announces distinction of Rs59.97b in FY16 compared to Rs87.24b in FY15. PHOTO: FILE
KARACHI: Oil and Gas Development Company’s (OGDC) distinction was down 31% in mercantile year finished Jun 30 due to indolent sales, reduce other income and increasing scrutiny expenditure, according to a bourse filing Wednesday.
The association requisitioned a distinction of Rs59.97 billion in a year underneath examination as compared to Rs87.24 billion in a preceding year. This translated into gain per share during Rs13.94 opposite Rs20.29 final year, a association pronounced in a presentation to a Pakistan Stock Exchange.
Board of directors has endorsed a final money division during Rs2 per share. The desert will be paid to a shareholders whose names will seem in a register of members on Oct 18, 2016. This will be in further to halt dividends already paid during Rs3.2 per share.
Brokerage houses including Elixir Research, Invest and Finance Securities and Topline Securities pronounced in their post-result comments that a outcome proclamation was aloft than their estimates and batch marketplace expectations.
The company’s share cost increasing by Rs1.66 and sealed during Rs141.82 with a turnover of 881,000 shares.
The convene is partly attributed to a outcome and a anticipating of poignant oil and gas pot in Khyber-Pakhtunkhwa by a firm.
Meanwhile, net sales of a organisation declined 21% to Rs162.86 billion in a year opposite Rs210.62 billion in a preceding year.
Accordingly, a sum distinction (excluding royalty, handling losses and travel charges) fell 33% to Rs87.88 billion from Rs131.96 billion final year.
The other income declined by 23% to Rs14.70 billion from Rs19.18 billion final year.
The scrutiny and prospecting output rose 25% to Rs14.54 billion from Rs11.62 billion. The financial cost reduced by 33% to Rs1.71 billion from Rs2.55 billion.
The company’s gain from compared organisation doubled to Rs2.18 billion from Rs1.04 billion.
Published in The Express Tribune, Aug 25th, 2016.
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