The company had announced earnings of
Earnings per share stood at
'PPL reported lower-than-expected earnings during the outgoing quarter. This deviation from our estimates was mainly on account of higher-than-expected exploration expenses,' said
Revenue depicted an uptrend as it increased from
'However, oil and gas production witnessed 2% and 13% year-on-year decline, respectively, tagged with a 6% year-on-year drop in oil prices,' stated an
Although the oil prices did not fare well for the period, the favourable exchange rate movement on a year-on-year basis was enough to post growth for the period under review. On the other hand, exploration expenses showed a substantial 74% increase to
2
According to the AHL report, the surge came due to a dry well (Noah X-1) reported during 2QFY20. 'However, we await clarity regarding the higher-than-expected exploration expense from the company.'
Meanwhile, PPL's other income plunged nearly 60% to
Finance cost of the company jumped an exponential 93% to
PPL's share price was down
The company's earnings were down 39% to
Earnings per share came in at
'We flag higher-than-expected volatility in international oil prices, delay in key projects and significant exploration and development costs as key risks to PPL,' Basir added.
© Pakistan Press International, source