OGDC profit rises to Rs63.5b

OUR STAFF REPORTER LAHORE The OGDC announced its FY11 result on Friday. The companys profit after tax stood at Rs63.5b (EPS of Rs14.77) against earnings of Rs59.2b (EPS of Rs13.76) in FY10, a growth of 7 per cent YoY. Net revenues for the period witnessed a growth of 9 per cent YoY and stood at Rs155.6bn. The growth in top-line is mainly attributed to higher international crude oil and realized gas wellhead prices. However, the growth has been restricted somewhat mainly on the back of Rs15.5bn retrospective reversal in revenues taken on account of pricing adjustment of Kunnar field. Exploration expenditure during the period dipped to Rs6.6b.

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