Pak Oilfields reported 1HFY13 results – Alfalah Securities Limited

Karachi, January 29, 2013 (PPI-OT): Pakistan Oilfields Ltd. (POL) has reported profit after tax of PkRs 5.7 bn (EPS: PkRs 23.94) in 1HFY13 as compared to PkRs 6.2 bn during the same period last year, depicting a decline of 8.2%YoY.

According to Alfalah Securities Limited, net sales declined by 5%YoY to PkRs 7.1 bn in 1HFY13 where the decline in profitability is mainly attributed to decline in production of oil and gas, higher exploration charges and lower dividend income from APL and NRL. POL has also announced interim DPS of PkR 20.0 for the half year ended December 31, 2012. In the second quarter of FY13, POL reported profit after tax of PkR 3.1 bn (EPS: PkR 13.10) which is higher by 14% YoY. Alfalah Securities Limited recommends a Hold on POL as it trades at FY13E P/E of 9.5x.

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