PPL has announced its 1HFY14 results. The company booked profit after tax of Rs26.5bn (EPS: Rs13.44 ) in 1HFY14 versus earnings of Rs22.3bn (EPS: Rs11.31 ) in 1HFY13, a growth of 19% YoY. Earnings announcement came in higher than our expectation of Rs13.02 /share. Alongside results, PPL announced an interim cash dividend of Rs5 /share. In 2QFY14, net sales increased by 10%QoQ mainly on the back of higher production from Nashpa, while field expenditures remained stagnant at Rs6.8b (+1% QoQ). During 1HFY14, PPL’s topline increased by 15% to Rs58.5b as against Rs50.7b in 1HFY13 as it benefitted from higher oil production, PKR depreciation and higher net realized oil and gas prices.
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