Page 118 - Pakistan Oilfield Limited - Annual Report 2022

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PAKISTAN OILFIELDS LIMITED
Quarter Review

1 Quarter 2 Quarter

Net sales Net sales

decreased by 26.7 % to Rs 11,077 Million (Sep 30, 2020: increased by 13.8 % to Rs 12,610 million as compared to
Rs 8,741 Million). Volume variance is unfavorable by Rs first quarter due to higher prices and exchange rate as
937 Million and Price variance is favorable by Rs 3,274 compared to the first quarter.
Million
Sales volumes
Sales volumes of Crude Oil and Gas decreased by 2.8%, and 2.9%,

of Crude Oil, Gas and POLGAS decreased by 11.3%, 9.1% respectively while POLGAS increased by 5.3% as
and 14.0% respectively, as compared to corresponding compared to first quarter.
period.
Cost of sales
Cost of sales increased by 4% to Rs 4,120 million as compared to first

increased by 15.3% to Rs 3,961 million (Sep 30, 2020: Rs quarter mainly because of higher operating costs and
3,436 million), mainly because of higher operating cost, royalty during the period.
royalty and amortization.
Gross profit
Gross profit decreased by 19.3% to Rs 8,489 million as compared to
increased by 34.1% to Rs 7,116 million (Sep 30, 2020: Rs first quarter due to higher sales during the period.
5,305 million) mainly because of higher sales.
Exploration costs
Exploration costs decreased by 76% to Rs 108 million as compared to first
increased by 495.8% to Rs 451 million (Sep 30, 2020: Rs quarter.
76 million) as in current period cost of Rs 394 million was
incurred for 3D seismic data acquisition for Taung Block. Finance costs
decreased by 36% to Rs 935 million as compared to
Finance costs first quarter because of lower exchange loss due to less

decreased by 38.1% to Rs 86 million (Sep 30, 2019: Rs 139 depreciation of rupee against US dollar as compared to
million), mainly because of decrease in unwinding cost. first quarter.

Other income Other income

increased by 792.1% to Rs 2,700 million (Sep 30, 2020: decreased by 25.3% to Rs 2,018 million as compared to
income of Rs 303 million) mainly because of higher first quarter mainly because of lower exchange gain on
exchange gain due to depreciation of Rupee against US$ foreign currency bank balances.
(Rs170.45 at September 30, 2021 vs Rs157.80 as at June
2021). Profit after tax
increased by 7.7% to Rs 5,665 million as compared to
Profit after tax first quarter due to increase in sales as compared to last

increased by 44.9% to Rs 5,258 million (Sep 30, 2020: quarter.
Rs 3,629 million) mainly due to higher sales and other
income. Earnings per share (EPS)
increased by 7.7% to Rs 19.96 as compared to first
Earnings per share (EPS) quarter.
increased by 44.9% to Rs 18.52 (Sep 30, 2020: Rs 12.78).