E&P sector FY11 profits vault by 18pc

KARACHI: Oil/gas exploration companies’ profits jumped by 18 percent in the current fiscal year (FY11), latest sector statistics showed.

A report issued by Topline Securities revealed that hike in the production as well as prices of hydrocarbons around the world turned out to be a boon for the country’s E&P sector.

E&P sector, during FY11, made profits worth Rs105 billion, up by Rs15 billion as compared to Rs90 billion last year.

Companies’ earning per share (EPS) also saw a boost this fiscal rising by 29 percent.

Overall performance wise Pakistan Oil Fields remained on top.