Pakistan Petroleum Limited’s financial results for the year ended 30 June, 2011

Pakistan Petroleum Limited’s financial results for the year ended 30 June, 2011

Karachi: We have to inform you that the Board of Directors of our Company in their meeting held on 9 August, 2011 at 10:30 am at PPL’s Islamabad Office, House No. 59-A, Ismail Zabeeh Road (8th Avenue), Sector F-8/4, Islamabad recommended the following:

Appropriations

(i) Insurance Reserve and Assets Acquisition Reserve

Out of the profit for the year ended 30 June, 2011, an appropriation of Rs. 5.0 billion (2009 – 10: Rs. 5.5 billion) and Rs 5.0 billion (2009-10: Rs 5.0 billion) have been made towards Insurance Reserve’ and ‘Assets Acquisition Reserve’ respectively.

(ii) Cash Dividend

A final cash dividend for the year ended 30 June, 2011 at Rs 2.00 per share (i.e. 20%) on ordinary shares. This is in addition to first interim dividend at Rs 5.00 per share (i.e. 50%) on ordinary and Rs 3.00 per share (i.e. 30%) on convertible preference shares and second interim dividend at Rs 5.00 per share (i.e. 50%) on ordinary shares already paid to shareholders.

(iii) Bonus Shares

Bonus shares in proportion of 1 ordinary share for every 10 ordinary shares held (i.e. 10%). Requisite certificate from the auditors to the effect that free reserves and surpluses retained after the issue of the Bonus shares are not less than 25% of the increased capital, will be submitted in due course.

Financial Results

The financial results of the Company are attached as Annexure – 1.

The Annual General Meeting (AGM) of the Company will be held on 30 September, 2011 at 10:00 am at Pearl Continental Hotel, Karachi.

If approved at the AGM, the final dividend will be paid and bonus shares will be issued to the shareholders whose name will appear in the Register of Members at the close of business on 21 September, 2011.

The Share Transfer Books of the Company will be closed from 22 September, 2011 to 30 September, 2011 (both days inclusive). Transfers received at the Share Registrars of the Company M/s FAMCO Associates (Pvt) Ltd at the close of business on 21 September, 2011 will be treated in time for the purpose of above entitlement to the transferees.

(i) Under the Company’s Articles of Association the Convertible Preference Share holders shall have a right to a dividend ranking pari passu with the level of dividend payable to ordinary shareholders subject to a maximum rate of 30% per annum.

(ii) The appropriation of profit for Insurance Reserve, Assets Acquisition Reserve, final dividend and issue of bonus shares will be recognized in the financial statement of the subsequent year in compliance with the revised Fourth Schedule to the Companies Ordinance, 1984 issued by the Securities and Exchange Commission of Pakistan effective from the financial year ending on or after 5 July, 2005.

Pakistan Petroleum Limited

Profit and Loss Account

For the year ended June 30, 2011

 

Year ended Year ended
June 30, 2011 June 30, 2010

Rs ‘000

Sales – net 78,252,395 59,961,616
Field expenditures (21,364,177) (18,273,006)
Royalties (9,232,890) (7,076,111)
———- ———-
(30,597,067) (25,349,117)
———- ———-
47,655,328 34,612,499
Share of profit in equity – accounted
Investment in joint venture 55,712 59,658
Other operating income 4,450,567 2,578,837
Other operating expenses (3,591,519) (2,567,955)
Finance costs (205,444) (154,832)
———- ———-
Profit before taxation 48,364,644 34,528,207
Taxation (16,918,929) (11,207,689)
———- ———-
Profit after taxation 31,445,715 23,320,518
———- ———-

(Restated)

Basic and diluted earnings per share (Rs.) 26.31 19.52

 

Note: The appropriations from profit are set out in the statement of changes in equity.

For more information, contact:
Pakistan Petroleum Limited
PIDC House, Dr. Ziauddin Ahmed Road,
Karachi – 75530,
Pakistan.
UAN: (021) 111-568-568
Tel: (021) 35651480-89
Fax: 92-21 35680005

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