The company had announced earnings of Rs30.3 billion in the same period of previous year, according to a notice sent to the Pakistan Stock Exchange on Tuesday. “However, oil and gas production witnessed 2% and 13% year-on-year decline, respectively, tagged with a 6% year-on-year drop in oil prices,” stated an AHL Research report. On the other hand, exploration expenses showed a substantial 74% increase to Rs14.3 billion from Rs8.2 billion in the previous year. The company’s earnings were down 39% to Rs10.1 billion in the quarter ended December 31, 2019 compared to Rs16.5 billion in the same period of previous year. “We flag higher-than-expected volatility in international oil prices, delay in key projects and significant exploration and development costs as key risks to PPL,” Basir added.

Source: The Express Tribune February 26, 2020 03:11 UTC