3QFY19 EPS likely to clock in at PKR 14.0
Pakistan Oilfields (POL) is scheduled to announce its 3QFY19 results on April 11, 2019, where we expect earnings to decline by 1% QoQ to clock in at PKR 3,973mn (EPS: PKR 14.0). Revenue is expected to decline by 5% QoQ on the back of lower oil prices and 3% QoQ decrease in oil flows. Absence of heavy exchange gains is also attributed to QoQ decline. We estimate the company to record net exchange gains of PKR 89mn in 3QFY19 as against PKR 357mn recorded in 2QFY19. Exploration expense is likely to remain muted on account of absence of dry well cost and seismic activity during the quarter. Lower taxation in 2QFY19 is expected to provide some support to the bottom line as we see taxation to normalize at 31% in the period under review as compared to 42% in 2QFY19.
Co. and its subsidiaries are principally engaged in the exploration, drilling, production and sale of crude oil and gas and other products.
Ismail Iqbal Securities (Private) Limited (IISPL) is a TREC holder of the Pakistan Stock Exchange, as well as an SECP registered Underwriter and Book Runner. IISPL provides comprehensive financial services including Equity Sales, Research on Equities and the Macro-Economy, Investment Advisory, Portfolio Management, Corporate Finance, and extensive services for Private Equity investors. IISPL services a diversified client base, from Institutional to Retail Investors including High Net worth Individuals.
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