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Home Business MARI posts a jump of profitability by 45pc in 1QFY20

MARI posts a jump of profitability by 45pc in 1QFY20

by admin
October 23, 2019
in Business

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Staff Reporter

Karachi

Mari Petroleum Limited (MARI) announced its financial results Tuesday, posting a profit after tax of PKR 7,463mn (EPS: PKR 55.94) during 1QFY20 against PKR 5,142mn (EPS: PKR 38.55) in 1QFY19, up by 45% YoY. Topline in 1QFY20 witnessed a growth of 24% YoY arriving at PKR 17,849mn as compared to PKR 14,341mn during SPLY, amid 44% YoY hike in average gas price given unwinding of entitlement factor of Mari gas field, and 21% YoY Pak Rupee devaluation against USD. However, oil and gas production declined by 20% and 2% YoY, respectively, tagged with fall in oil prices by 16% YoY. The company’s exploration costs surged by 31% YoY settling at PKR 2,043mn during 1QFY20 amid higher prospecting expenditure.