Page 102 - Pakistan Oilfields Limited - Annual Report 2021
P. 102
ANNUAL FINANCIAL REVIEW
Analysis of
Statement of Profit or Loss
Sales Exploration costs
Net sales decreased by 1.4%. Volume and price Exploration costs decreased by 64.8% to Rs 494
variance is negative by Rs 367 million and Rs million (June 30, 2020: Rs 1,405 million) mainly
130 million, respectively. Sales volume of Crude because of activities at TAL. Current year’s cost
Oil increased by 1.3%, while Gas and POLGAS mainly includes Kirthar South DG Khan and Taung.
sales volume decreased by 2.9%, as compared to Other income
corresponding year. Crude Oil prices increased
by 1.2%, while Gas and POLGAS prices decreased Other income decreased by 66.2% to Rs 1,539
by 1.8% and 2.9%, respectively, as compared to million (June 30, 2020: Rs 4,558 million) mainly
corresponding year. because of lower mark-up rates and higher
exchange loss on foreign currency bank
Cost of sales balances.
Cost of sales increased by 1.7% to Rs 14,409 million Taxation
(June 30, 2020: Rs 14,171 million), mainly because of
higher operating cost, which is offset by decrease in Increase in provision for taxation is due to decrease
amortization and lesser royalty paid on decreased in addition in development and exploration &
sales during the year evaluation assets.
Profit for the year
Profit after tax decreased by 18.3% to Rs 13,382
million (June 30, 2020: Rs 16,376 million).
Analysis of
Cash Flow Statement
Operating activities: Financing activities:
A total of Rs 43,048 million was available as cash Cash outflow in financing activities related to
and cash equivalents at the beginning of the payment of dividends was Rs 14,163 million
year. Cash generated from operations in 2021 (2020: Rs 14,163 million) and effect of exchange
lower by 19.8% to Rs 19,480 million (2020: Rs rate changes is Rs 1,245 million (2020: Rs 900
23,263 million) mainly due to less receipts from million). Cash and cash equivalents at the end of
customers and higher taxes paid. year 2021 was Rs 47,572 million (2020: Rs 43,048
Investing activities: million).
A total of Rs 452 million cash was generated
from investing activities (2020: Rs -2,706 million)
which consists outlay for addition in fixed assets
of Rs 1,733 million (2020: Rs 6,737 million)
and inflow of Rs 2,088 million (2020: Rs 3,061
million).
100 PAKISTAN OILFIELDS LIMITED
