The meetings of the board of directors of Pakistan Oilfields Limited (POL) and Attock Cement Pakistan Limited (ACPL) are scheduled to be taken place on January 27, 2015. Therefore we would present our forecast on the corporate results of these companies in our today’s morning report.
POL: Earning to decline massively in 2QFY15; DPS of Rs 20/share
We expect earning of the company to drop significantly as profit after taxation (PAT) to decrease by 41% QoQ to Rs 2.46 billion (EPS: Rs 10.43), from Rs 4.16 billion (EPS: Rs 17.62) in 1QFY15. This is expected due to massive decline in crude oil prices by 27% QoQ and PKR appreciation by 2% QoQ. Similarly, cumulative profit to shrink by 4% to Rs 6.63 billion (EPS:Rs 28.05) in 1HFY15 as compared to Rs 6.90 billion (EPS: Rs 29.19) in 1HFY14. Lower earning is likely due to dip in crude oil prices, lower gas production, higher operating cost and decline in other operating income. We anticipate the company to announce a cash dividend of Rs 20/share as an interim payout along with its half yearly result announcement.