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Plunge in other income drives the drop in earnings This comes at a time when company profits are coming under pressure. PHOTO: fb.com/OGDCL KARACHI: Oil and Gas Development Company’s (OGDC) profit contracted 23.8% to Rs18.9 billion in the quarter ended December 31, 2020 mainly on the back of a sharp fall in other income. According to a notice sent to the Pakistan Stock Exchange on Wednesday, the oil and gas exploration firm had reported a profit of Rs24.8 billion in the same period of 2019. Accordingly, earnings per share (EPS) of the firm fell from Rs5.76 in October-December 2019 to Rs4.3...

Business February 19, 2021 KARACHI: Pakistan State Oil (PSO) has announced a net profit of Rs4.03 billion for the quarter ended December 31, 2020, up 363 percent from the profit of Rs869.66 million recorded in the corresponding quarter of the previous year. The EPS for the quarter under review clocked in at Rs8.86 as against Rs3.91 in the same quarter previous year. PSO also declared a cash dividend of Rs5.0/share. “The jump in earnings is due to growth in volumes and company recording inventory gains of Rs0.6 billion in Q2FY21 compared to inventory loss of Rs2 billion in Q2FY20, we view,�...