KARACHI: The profit of Mari Petroleum Company Limited (Mari) showed a growth of 56.7 per cent to Rs10.9 billion translating into the earnings per share (EPS) of Rs81.6 during the third quarter of fiscal year 2022.
The company posted a profit of Rs6.9 billion (EPS: Rs52.1) during the same period of last year.
“During the quarter, the revenue of the company witnessed an increase of 56.3 per cent on a year-on-year basis, due to upward revision in gas prices, higher crude oil prices and rupee depreciation,” Saad Hanif at Insight Securities said.
The exploration expenses of the company increased 97.9 per cent and 109.3 on quarterly basis, likely due to higher seismic activity. We await a detailed account for further clarity, he added.
The finance income remained flat on a yearly basis while the same was down 16.7 per cent on quarterly basis. The company recorded losses from associates to the tune of Rs157 million, which were 2.4 billion during the second quarter of fiscal year 2022, possibly due to some initial expenses related to offshore block-5 in Abu Dhabi.