POL’s improved profit was “led by higher oil prices (up 19% in the past one year) and currency devaluation,” said Topline Securities’ analyst Nabeel Khursheed in post-result comments. The surge in sale proceeds came mainly as a result of higher prices of benchmark Arab Light crude. Other income of the company more than doubled to Rs3.55 billion compared to Rs1.60 billion last year. Similarly, finance cost surged to Rs2.06 billion compared to Rs1.21 billion. The slight increase in earnings came “mainly on the back of higher exploration charges”, analyst Khursheed added.

Source: The Express Tribune April 12, 2019 03:28 UTC