abce certificate
Tuesday, 02 December, 2008, 21:20 GMT | more >>

Pakistan pair boost profits



By Upstream staff 

High prices and higher oil and gas output helped Pakistan's two largest exploration and production company's boost net profit for the first nine months, though they mildly disappointed analysts' high expectations.

Oil and Gas Development Company Ltd (OGDCL), the country's most valuable company, and Pakistan Petroleum Ltd (PPL) are in a queue for privatisation under Prime Minister Shaukat Aziz's programme of economic reform, but other companies will be offered to the market first.

OGDCL's net profit jumped 47% to 24.4 billion rupees ($410.9 million) in between July and March from 16.6 billion a year ago, coming within the low end of analysts' range of forecasts and sending its shares lower on Monday.

Pakistan Petroleum Ltd, operator of the country's largest gas fields, also saw its shares fall after it notched a near 31% rise in its nine-month net to 6.197 billion rupees, a little below an average forecast for a 34% rise. Analysts expect a 30% profit rise in the full year.

Tribesmens' attacks on PPL facilities disrupted output from the giant Sui field earlier this year, and prompted the army to deploy more troops in southwest Baluchistan province, Reuters reported.

"Our estimate is that Sui field's production declined by 37% to 13 billion cubic feet in January, compared with an average monthly production of 20.7 Bcf," said Abdul Rasheed, an analyst at Jahangir Siddiqui Capital Market.


Monday, 25 April, 2005, 15:05 GMT  | last updated: Wednesday, 27 April, 2005, 14:07 GMT

e-mail this article to a colleague


to email:  from:
comments: