KARACHI: Attock Petroleum Limited’s profit surged 16.5% in the fiscal year ended June 30 on the back of a significant decline in the cost of products sold and operating expenses.
The company realised a profit of Rs3.82 billion in FY16 against Rs3.28 billion in the previous year.
Accordingly, earnings per share stood at Rs48.16 compared to Rs39.62 in the preceding year, according to a company’s notification to the Pakistan Stock Exchange.
The board of directors recommended a final cash dividend of Rs25 per share. This is in addition to the interim dividend of Rs15 per share. The final dividend will be paid to those shareholders whose names will appear in the register of members on September 15, 2016.
The result was received well by the equity investors as the company’s share price rose Rs19.50, or 3.89%, and closed at Rs500.73 with a turnover of 241,300 shares at the stock exchange.
Cost of products sold fell 38% to Rs103.48 billion from Rs166.80 billion last year. Operating expenses dropped 22% to Rs1.70 billion from Rs2.18 billion in the previous year.
The company realised the profit despite a 30% decline in its sales to Rs144.10 billion in the year under review from Rs205.71 billion last year.
Arif Habib Limited said in post-result comments the decline in sales was a combination of the drop in “sales volume and product prices”.
Courtesy : Express Tribune