OGDC post earning below expectation

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OGDC announced lower than consensus FY13 profits today, where the company booked profit after tax of Rs90.8bn (EPS of Rs21.11) in FY13 against earnings of Rs96.9bn (EPS of Rs22.53) in FY12, down 6%YoY. In 4Q, earnings declined by 43%QoQ to Rs3.51/share. (1) Higher than expected exploration costs (+324%YoY & 76%QoQ) in 4Q, potentially on account of dry and abandoned wells, and (2) effective tax rate of 54% in 4Q resulted in lower than expected earnings for the quarter. Alongside results, the company announced a final cash dividend of Rs2.75/share, taking cumulative dividend in FY13 to Rs8.25/share.

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Sanie Khan

Sanie Khan holds a deep knowledge of the financial markets in Pakistan. Based in Karachi, he has over 20 years of hands-on management experience in financial technologies and managing operations in the financial sector. He was the General Manager at the Pakistan Stock Exchange (PSX) for 17 years. He along-with senior members of Exchange

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