OGDCL declares 17.5pc dividend

Posted on 02.22.07 by StockPK Team @ 11:33 am    

The Board of Directors of Oil and Gas Development Company Limited (OGDCL) on Wednesday announced second interim cash dividend at Rs1.75 per share (ie 17.50 per cent) for the second quarter ended December 31, 2006. This is in addition to the first interim dividend of Rs1.75 per share already declared during the current financial year.

The net income of the company for the first half (July-December 2006), stood at Rs23.1 billion (EPS Rs5.37) compared to Rs20.3 billion (EPS Rs4.72) previously. This represents a growth of 14 per cent in bottom-line.

Better realised prices of oil and gas were responsible for this growth as production remained flat at 160kboe.

OGDC’s sales revenue posted 16 per cent increase and reached Rs49.5 billion during the first six months of the current fiscal year, Faraz Farooq of JS Research said.

Alone in second quarter, earnings were down by four per cent to Rs10.8 billion (EPS Rs2.51) compared to Rs11.3 billion (EPS Rs2.62) in the second quarter of fiscal year 2006.

Fauji Cement: Fauji Cement announced no payouts at the completion of the first half ended December 31, 2006, as net profits of the company declined by 35 per cent to Rs366 million (basic EPS of 99 paisa) as compared to Rs560 million (basic EPS of Rs1.51) recorded in the same period last year.

Although, total sales of the company were recorded at 570,000 tons, up by seven per cent, lower earnings in the second quarter of fiscal 2007 arrived from lower cement prices realised by the company during the quarter.

Resultantly, net sales were recorded at Rs1.8 billion, down by 12 per cent in the first half of fiscal year 2007.

Gross margins due to this fell by around 130bps to stand at 38 per cent from 51 per cent recorded previously, Atif Malik of JS calculated. Admin & distribution expense and other operating expenses grew by six per cent and nine per cent while financial charges were down by 24 per cent, he added.

Source: The News