Pakistan Oilfields Limited’s financial results for the year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting held on September 11, 2011 at 1200 hours (Syrian standard time) at I3amascus, Syria have recommended the following:

i. Cash Dividend

A final Cash Dividend for the year ended June 30, 2011 at Rs, 25 per share i.e. 250%. This is in addition to interim cash dividend i.e. Rs. 10.00 per share i.e. (100%) already paid to the shareholders, thus making a total cash dividend of Rs. 35 per share i.e. 350% for the year ended June 30, 2011.

ii. Bonus Share

It has been recommended by the Board of Directors to issue bonus shares in proportion of-NIL- shares for every -NIL- share(s) held i.e. -NIL- %.

The Annual General Meeting of the Company will Insha’Allah be held on Tuesday, October 18th 2011 at Morgah Club, Morgah, Rawalpindi.

The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on October 11, 2011.

Book Closure

The Share Transfer Books of the Company will be closed from October 12, 2011 to October 18, 2011 (both days inclusive). Transfers received on under mentioned address of the Company at the close of business on October 11, 2011 will be treated in time for the purpose of above entitlement to the transferees.

The Financial Results of the Company are as follows:

Pakistan Oilfields Limited

Profit and Loss Account for the year ended June 30, 2011

 

For the year

Ended June

For the year

Ended June

Rs (000)

Rs (000)

Sales  27,102,437  19,305,844
Sales tax (2,151,730) (1,461,237)
———- ———-
Net Sales 24,950,707 17,844,607
Operating costs  (5,537,827) (4,082,487)
Excise duty and development surcharge (352,485) (172,174)
Royalty (2,310,470)  (1,595,972)
Amortisation of development and
decommissioning costs  (1,122,198)  (1,107,538)
 ———- ———-
 (9,322,980) (6,958,171)
———- ———-
Gross Profit 15,627,727 10,886,436
Exploration costs (1,075,045)  (1,606,385)
———- ———-
14,552,682 9,280,051
Administration expenses (83,101) (73,326)
Finance cost (223,930) (283,746)
Other charges (1,104,237)  (709,163)
 ———- ———-
 (1,411,268) (1,066,235)
———- ———-
13,141,414  8,213,816
Other operating income  1,808,596 1,376,950
———-  ———-
Profit Before Taxation 14,950,010 9,590,766
Provision for taxation  (4,135,000)  (2,154,000)
 ———- ———-
Profit For The Year 10,815,010 7,436,766
———- ———-
Earnings per share – Basic and diluted (Rupees) 45.12 31.44

 

For more information, contact:
Syed Khalid Nafees Zaidi
Company Secretary
Pakistan Oilfields Limited
P.O.L. House, Morgah,
Rawalpindi 46600,
Pakistan.
Tel: +92-51-5487589-97
Fax: +92-51-5487598-99
Email: polems@pakoil.com.pk
Web: www.pakoil.com.pk