Pakistan Petroleum Reports Higher Q3 Profit

Pakistan Petroleum (PPL) April 30 said its net profit during the three months to March 31 (Q32019) jumped 24% year-on-year thanks to higher oil prices.

The company reported a net profit of Pakistani rupee 13.8bn ($97mn) compared with Pakistani rupee 11bn in the same quarter of previous year. Revenue during the quarter was Pakistani rupee 40.5bn, up 31% year-on-year, the company said.

In the nine months to March 31 (M92019), PPL’s profit rose 31.7% to Pakistani rupee 44.03bn while revenue grew 29.8% to Pakistani rupee 119.6bn.

The company made eight discoveries during 9M2019; six in PPL operated blocks and two in blocks operated by its partners.