Pakistan Petroleum reports EPS: Rs5.27 for 1QFY21

Pakistan Petroleum (PPL) reported profit after tax of Rs14.4 billion (EPS: Rs5.27), significantly higher than expected. Deviation from expectations stems from higher Net Sales, which recorded a decline of 6%YoY as against expectation of 11% decline. Hydrocarbon production of the Company during 1QFY21 fell by 1.7%QoQ. Along with this, Arab Light crude oil prices also declined by 32%YoY to US$43/barrel in 1QFY21. Operating expenses were reported at US$4.5/barrel, down 17%QoQ. Exploration cost increased by 134%QoQ. Other Income declined by 68%QoQ due to absence of heavy exchange gains. Similarly, Other Expenses increased by 118%QoQ due to incurrence of exchange losses as currency appreciated during the outgoing quarter. Effective tax rate clocked came down to 25% for 1QFY21 from 31% for 4QFY20

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