Pakistan Petroleum Limited announced its financial results for the half-year, ending on December 31st, 2019.
The merged profit after tax of Pakistan Petroleum Limited dropped by 19.25% to Rs. 24.44 billion as compared to Rs. 30.26 billion in the same period last year. The company’s earning per share decreased to Rs. 8.98 in the period under review against Rs. 11.12.
According to Foundation Securities, the decline in profits were due to reduced oil and gas production, lower Arab light prices and higher exploration expense
“Oil and gas production witnessed 2% and 13% year-on-year decline, respectively, tagged with a 6% year-on-year drop in oil prices,” stated an AHL Research report.
According to the analysts, the profits were down because of higher-than-expected exploration expenses.
