KARACHI, Feb 4: Pakistan Petroleum Limited (PPL) announced results for the first half of the financial year 2013 (1HFY13) posting profit after tax (PAT) at Rs22.3 billion, translating into earning per share (eps) at Rs13.58.

The profit represented increase of 11 per cent over PAT at Rs20.1bn and eps of Rs12.24 earned in the previous comparable period.

Analysts attributed the growth in earnings to increase of 12 per cent in company’s net sales as it benefited from higher hydrocarbon price and improved oil production primarily from Naspha block. It was also assisted by higher well-head prices, better gas charges and 9 per cent depreciation on average in the value of the rupee.

Alongside the results, the board of directors announced an interim cash dividend at Rs5 per share. While the payout was generally in line with analysts’ expectations, the earnings fell short of forecasts. The PPL stock stood down Rs1.76 at Rs177.24 on trade on Monday.

The earnings were impacted by a giant leap in field expenditure to Rs7.6bn (up by 24pc QoQ and 17pc YoY) on account of higher exploration activity in own and Joint-Venture operated areas.

Revenue of the company for the 1H rose 12 per cent to Rs50.7bn, from Rs45.3bn in the 1H last year, on the back of higher oil production from Nashpa and Tal.

Further, 13 per cent increase in ‘other income’ to Rs3.9bn and 18pc decline in ‘other charges’ to Rs1.8bn in 1HFY13, over the same time last year, provided support to the bottomline.

Engro Polymer: The company earned profit after tax amounting to Rs0.049 million (eps at Re 0.07) for the year ended Dec 31, 2012. The Board announcing the results on Monday, skipped a payout, evidently to wipe out some of the accumulated losses on the balance sheet.

In the earlier year (2011), the company had suffered a loss of Rs0.729, loss per share at Rs1.10. The share in Engro Polymer showed a minor gain of 9 paisa to end at Rs9.86, on Monday.

Cyan Ltd

The company announced that the extraordinary general meeting of members had resolved to constitute a Fund Management Company to be known as "Cyan Equity Partners Limited".

It would be constituted as a Non-Bank Finance Company (NBFC) for launching Private Equity and Venture Capital Funds and for providing Fund Management Services under the Private Equity and Venture Capital Fund Regulations, 2008. It would operate as a wholly owned subsidiary of the company subject to the receipt of all regulatory approvals and fulfillment of all regulatory requirements.

It was resolved that after the incorporation of the FMC, an initial equity investment of Rs30 million would be made by he company in the FMC by subscription of shares at par value of Rs10 share, to be increased from time to time.