(Updates with comment from analyst in third paragraph.)
Oct. 19 (Bloomberg) -- Pakistan Oilfields Ltd., the nation’s third-biggest energy explorer, posted a 55 percent increase in first-quarter profit after crude prices rose.
Net income in the three months ended Sept. 30 climbed to 3.5 billion rupees ($40 million), or 14.61 rupees a share, from 2.2 billion rupees, or 9.44 rupees, a year earlier, the Rawalpindi-based company said in a filing to the Karachi Stock Exchange today. Sales rose to 7.9 billion rupees from 5.9 billion a year earlier.
A 7 percent increase in production from fields in the Tal and Ikhlas blocks and higher oil prices would have helped the company boost revenue in the quarter, Sana Abdullah, a research analyst at IGI Finex Securities Ltd. in Karachi who has a “buy” recommendation on the stock, wrote in a note to clients on Oct. 17.
The price of Arab Light Crude rose 46 percent during the first quarter to $108.30 a barrel, according to data compiled by Bloomberg.
Pakistan Oilfields, which has gained 24 percent this year, rose 1.4 percent to 368 rupees as of 9:47 a.m. local time, on course for its highest level in nine days, on the Karachi Stock Exchange.
--Editors: John Chacko, Naween A. Mangi
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