PPL’s profit falls 15% to Rs12 billion
Drop comes due to contraction in sales and other income
KARACHI:
Pakistan Petroleum Limited’s profit dipped 15% to Rs12 billion in the quarter ended March 31, 2021 on the back of a contraction in sales and fall in other income.
According to a notice sent to the Pakistan Stock Exchange on Thursday, the oil and gas exploration and production firm had reported a profit of Rs14.1 billion in the same quarter of last year.
Earnings per share of the company amounted to Rs4.42 in the Jan-Mar 2021 quarter compared to Rs5.2 in the same quarter of previous year. During the quarter under review, net sales of the company were recorded at Rs36.9 billion, which was 9.7% lower than Rs40.9 billion in the same period of last year.
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Market watch: KSE-100 rallies over political clarity
Benchmark index rises 486.21 points to close at 45,399.78
KARACHI:
Bulls made a comeback to the Pakistan Stock Exchange on Tuesday as the benchmark KSE-100 index climbed 486 points owing to the much-awaited resolution of political dispute and negotiations between the government and protesters.
A host of encouraging financial results, announced during the session, helped the market sustain the buying momentum.
A marginal drop in Covid-19 cases on Monday sparked some optimism about the economy and enticed investors to take fresh positions.
Earlier, trading began with a spike as investors poured money into attractive stocks. The index crossed the 45,500-point mark multiple times, however, selling pressure towards the end of the session restrained the market from closing above that threshold.