LAHORE - Pakistan Oilfields Limited (POL) has announced FY12 results, posting earnings of Rs11.9b, up 10 per cent YoY. Earnings announcement was broadly in line with estimate of Rs51.40/share, though dividend beat market expectations.

The company announced a final cash payout of Rs35/share (our expectation of Rs25/share), which takes cumulative dividend in FY12 to Rs52.5/share.

In 4Q alone, earnings clocked in at Rs10.67/share, a decline of 20 per cent QoQ. The decline was largely led by a 9 per cent QoQ decline in crude oil prices.

Moreover, exploration costs increased by 94 per cent QoQ to Rs305 million while finance costs surged by 249 per cent QoQ to Rs328 million.