ISLAMABAD, Oct 30: Oil and Gas Development Company Limited (OGDCL) during the first quarter of 2006-07 earned a profit after tax of Rs12.328 billion as against Rs9.021 billion in the same quarter last year.

According to an official statement issued here on Monday this was announced at a meeting of the board of directors of OGDCL held here with Chairman Arshad Nasar in the chair. The meeting was held to consider the quarterly accounts of the company for the period ended September 30, 2006.

The board has declared first interim dividend of Rs1.75 per share for the year 2006-07 as compared with Rs1.25 per share for 1st quarter of last year.

Despite heavy rains in September 2006, sales revenue of the company increased by 26 per cent, profit before-tax by 28 per cent and profit after tax by 37 per cent as compared with the corresponding period of last year. The company’s net profit margin increased to 49 per cent and return on assets was 41 per cent.

Higher profitability of the year resulted in earnings per share of Rs 2.87 as compared to Rs2.10 in the corresponding period of last year.

During the period 1,316 km of 2D seismic survey was carried out. Drilling operations continued at 15 exploratory and two development wells.

The company’s average daily production, including the share from the joint ventures, averaged 39,682 barrels per day of crude oil, 826 MMCF per day of gas and 823 tons per day of LPG compared with 37,418 barrels of crude oil, 333 MMCF of gas and 309 tons of LPG during the corresponding period of the previous year.

The company recently had two discoveries--Mela exploratory well number 1 in September 2006 and Pasakhi North East well in October 2006.