KARACHI: Attock Petroleum Ltd, with total assets of Rs27 billion, on Wednesday reported profit-after-tax at Rs2.38bn (earnings per share Rs28.65) for the nine months ended March 31, 2016 as compared to Rs1.95bn (eps Rs23.53) in the same period last year, an increase of 22 per cent.

Net sales declined by 37pc year-on-year to Rs84.3bn from Rs134.6bn.

Operating profit slipped 40pc to Rs2.8bn from Rs2bn and ‘other income’ fell 22pc to Rs692 million from Rs891m.

Analyst Muhammad Affan Ismail at brokerage BMA Capital commented that the results were above expectations primarily due to lower than expected inventory loss realised in 3QFY16.

The growth in earnings can primarily be attributed to 27pc year-on-year higher gross profit largely explained by reduced burden of inventory loss.

On sequential basis, 3QFY16 earnings witnessed a decline of 23pc quarter-on-quarter to Rs8.9 per share on account of realisation of inventory loss leading to 28pc reduction in gross profit.

The board did not declare a payout with the nine-month accounts, but overall a stable stream of yearly dividend payouts (FY16 D/Y: 8pc) keeps investors’ interest alive in APL stock.

PAKISTAN OILFIELDS LTD: The company’s after-tax profit declined by 20.76pc to Rs5.84bn (eps Rs24.69) for the nine months ended March 31, 2016 from Rs7.37bn (eps Rs31.14) in the same period last year.

Net sales decreased to Rs18.6bn from Rs24.4bn year-on-year. Exploration costs stood reduced to Rs1.27bn from Rs3.1bn, while royalty payments were lower at Rs1.48bn as compared to Rs2.09bn a year ago.

NATIONAL REFINERY LTD: The refinery’s post-tax profit jumped to Rs5.24bn (eps Rs66.50) for the nine-month period from Rs1.17bn (eps Rs14.53) in the same period last year.

However, net sales dropped to Rs76bn from Rs117.8bn.

Gross profit rose to Rs8bn from Rs2.6bn and operating profit grew to Rs7.6bn from Rs2.5bn year-on-year. Finance costs decreased to Rs257m from Rs747m.

ATTOCK REFINERY LTD: The refinery’s profit rose to Rs1.28bn (eps Rs14.98) during the nine-month period from Rs1.22bn (eps Rs14.30), due mainly to higher contribution from ‘income from non-refinery operations’ at Rs1.48bn as compared to Rs1.41bn year-on-year.

Loss-after-tax from refinery operations was up to Rs203m from Rs194m.

The condensed nine-month accounts showed net sales down at Rs49.6bn as compared to Rs102.4bn.

Cost of sales was lower at Rs49.8bn against Rs102.9bn and gross loss amounted to Rs261m from Rs470m year-on-year.

Published in Dawn, April 14th, 2016