Profitability of Pakistan Oilfields erodes

Pakistan Oilfields announced its 9MFY13 result posting profit after tax of PkRs8.6 billion (EPS of PkR36.46) as compared to net profit of PkRs9.33 billion (EPS of PkR39.44) for the corresponding period last year, a decline of 7.6%YoY. The result is inline with market expectations.
Decline in earnings underpins softening production from operated JV’s as well as higher financial charges (up 38%YoY led by exchange losses and provisions for decommissioning) as well as lower other income (down 16%YoY due to lower payouts from subsidiaries and associates).
POL has under performed the KSE-100 index by 3.8% over the past 3 months and it is believed price performance will likely to remain subdued the back drop of delays in monetizations as well as softening of international oil prices.

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