Page 93 - Pakistan Oilfields Limited - Annual Report 2021

QUARTER REVIEW

Quarter 1 Quarter 2

Net sales Net sales
decreased by 9.4 % to Rs 9,218 million (Sep 30, 2019: decreased by 4.8 % to Rs 8,773 million as compared to
Rs 10,178 million). Volume variance is favorable by Rs first quarter due to lower sales volume and exchange
153 million and Price variance is unfavorable by Rs rate as compared to the first quarter.
1,113 million.
Sales volumes
Sales volumes of Crude Oil and Gas decreased by 3.3%, and 2.1%,
of Crude Oil increased by 6.4%, while Gas and POLGAS respectively while POLGAS increased by 10.6% as
decreased by 2.4 % and 4.9% respectively, as compared to first quarter.
compared to corresponding period.
Cost of sales
Cost of sales decreased by 15.6% to Rs 3,302 million as compared
increased by 0.8% to Rs 3,913 million (Sep 30, 2019: Rs to first quarter mainly because of lower operating costs
3,882 million), mainly because of higher operating cost during the period.
and amortization during the current period.
Gross profit
Gross profit decreased by 5.5% to Rs 5,011 million as compared to
decreased by 15.7% to Rs 5,305 million (Sep 30, 2019: first quarter due to lower sales during the period.
Rs 6,295 million).
Exploration costs
Exploration costs decreased by 55.3% to Rs 34 million as compared to
decreased by 79.9% to Rs 76 million (Sep 30, 2019: Rs first quarter.
376 million), as last year Rs 104 million of KOT 3D/2D
seismic data acquisition for KOT/ Margalla was incurred Finance costs
in corresponding year. decreased by 319.8% to income of Rs 188 million as
compared to first quarter because of higher exchange
Finance costs gain due to appreciation of rupee against US dollar.
decreased by 38.1% to Rs 86 million (Sep 30, 2019: Rs Other income
139 million), mainly because of decrease in unwinding decreased by 20.1% to Rs 242 million as compared to
cost.
first quarter mainly because of higher exchange loss on
Other income foreign currency bank balances.
decreased by 35.1% to Rs 303 million (Sep 30, 2019:
Rs 467 million), mainly because of lower interest rate Profit after tax
and lesser dividend received from associated company decreased by 16.8% to Rs 3,021 million as compared
during the current period. to first quarter due to decrease in sales volume as
compared to last quarter.
Profit after tax Earnings per share (EPS)
decreased by 9.5% to Rs 3,629 million (Sep 30, 2019: Rs decreased by 16.8% to Rs 10.64 as compared to first
4,008 million).
quarter.
Earnings per share (EPS)
decreased by 9.5% to Rs 12.78 (Sep 30, 2019: Rs 14.12).

ANNUAL REPORT 2021 91