Pakistan Oilfields Limited’s financial results for the half year ended December 31, 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting held on February 01, 2012 at 03:30 p.m. at Dubai have recommended the following:

i. Cash Dividend

An Interim Cash Dividend for the half year ended December 31, 2011 at Rs. 17.5 per share is. 175%.

ii. Bonus Share

It has been recommended by the Board of Directors to issue Interim bonus shares in proportion of Nil shares for every Nil shares held i.e. Nil %.

iii. Right Shares

The Board has recommended issuing Nil % Right Shares.

The above entitlement will be paid to the shareholders whose names will appear in the register of member on March12, 2012.

Book Closure

The Share Transfer Books of the Company will be closed from March 13, 2012 to March 19, 2012 (both days inclusive). Transfers received at registered address of the Company “Pakistan Oilfields Limited (POL), POL House, Morgah Rawalpindi” at the close of business on March 12, 2012 will be treated in time for the purpose of above entitlement to the transferees.

Condensed Interim Profit and Loss Account (Unaudited) for the Six Months Period Ended December 31, 2011

 

Three months period ended

Six months period ended

December 31,

December 31,

December 31

December 31,

Note

2011

2010

2011

2010

Rs (‘000) Rs (‘000)
Sales 7,767,844 6,742,761 15,648,997 12,639,065
Less: Sales tax (573,686) (560,947) (1,126,669) (1,063,740)
——— ——— ———- ———-
Net Sales 7,194,158 6,181,814 14,522,328 11,575,325
Operating costs (1,657,159) (1,380,038) (3,003,775) (2,729,765)
Excise duty and development surcharge (82,738) (88,393) (164,389) (178,185)
Royalty (657,090) (560,595) (1,361,392) (1,051,895)
Amortization of development
and decommissioning costs (731,999) (251,771) (1,025,010) (506,370)
——— ——— ———- ———-
(3,128,986) (2,280,797) (5,554,566) (4,466,215)
——— ——— ———- ———-
Gross Profit 4,065,172 3,901,017 8,967,762 7,109,110
Exploration costs (57,899) (195,546) (132,067) (300,179)
——— ——— ———- ———-
4,007,273 3,705,471 8,835,705 6,808,931
Administration expenses (34,744) (21,045) (48,992) (41,177)
Finance cost (151,749) (44,615) (263,082) (117,793)
Other charges (341,630) (302,002) (694,788) (528,404)
——— ——— ———- ———-
(528,123) (367,662) (1,006,862) (687,374)
——— ——— ———- ———-
3,479,150 3,337,809 7,828,843 6,121,557
Other operating income 1,129,649 758,747 1,559,935 1,029,788
——— ——— ———- ———-
Profit before Taxation 4,608,799 4,096,556 9,388,778 7,151,345
Provision for taxation (1,894,578) (1,128,331) (3,219,578) (1,950,331)
——— ——— ———- ———-
Profit for the Period 2,714,221 2,968,225 6,169,200 5,201,014
——— ——— ———- ———-
Earnings per share
– Basic and diluted (Rupees) 11.47 12.55 26.08 21.99

 

For more information, contact:
Syed Khalid Nafees Zaidi
Company Secretary
Pakistan Oilfields Limited
P.O.L. House, Morgah,
Rawalpindi 46600 Pakistan
Tel: +92-51-5487589-97(9 Lines)
Telefax: +92-51-5487598-99(2 Lines)
Email: polcms@isb.paknet.com.pk
Web: www.pakoil.com.pk

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