Major announcements on Monday came from Pakistan Oilfields (POL); Attock Petroleum (APL); Attock Refinery (ATRL) and National Refinery (NRL).
POL announced 9MFY15 earnings of Rs7.4 billion that turned into earnings per share (eps) at Rs31.14 down 27pc year-on-year (YoY) from Rs10.1bn (eps Rs42.7) in the same period last year.
Decline in earnings was primarily due to Rs2.8bn (dry well cost) booked in 2QFY15 and falling oil prices and was in line with market expectations.
Analysts said that slowdown in gas production by 11 per cent YoY coupled with 29pc lower oil prices remained the prime reason behind the depressed topline. Sales stood reduced to Rs26.3bn, from Rs28.0bn YoY.
NRL announced its 9MFY15 earnings of Rs1.2bn, up by 3.1 times from the after tax profit at Rs0.4m YoY. The eps jumped to Rs14.53, from Rs4.73 in the previous similar period.
Analysts said the increase in profitability was led by improvement in Gross Refinery Margins (GRMs).
Operating profit rose to Rs2.5bn, from Rs1.7bn, while finance costs were lower at Rs748m, from Rs825m YoY.
APL 9MFY15 earnings stood at Rs1.9bn (eps Rs23.5), down by 46pc YoY from Rs3.6bn and eps at Rs44. Decline in earnings is due to falling furnace oil margins and inventory losses. The results were thought to be lower than street forecasts.
Analyst Muhammad Affan Ismail at BMA Capital Management observed: “Result is slightly below our estimate on account of higher than estimated inventory losses owing to 14pc to 17pc reduction in HOBC and mogas prices. In addition to heavy inventory losses, 21pc YoY surge in operating expenses further dented the bottom line”.
ATRL also declared its 9MFY15 results, reporting earnings of Rs1.2bn, down by 34pc YoY from Rs1.8bn in 9MFY14. Eps stood down to Rs14.30, from Rs21.64. Decline in earnings was primarily due to finance cost, which jumped to Rs409m in the latest period from only Rs0.04m YoY. Sales also slowed down to Rs102.4bn in 9MFY15, from Rs130.1bn in the same period last year.
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