Attock Petroleum profit up by 92 percent

One of Pakistan’s leading oil marketing companies, Attock Petroleum Limited (APL) has reported better than expected financial results, mainly because of reversal of WWF expenses amounting to Rs621 million in 2QFY17. APL has posted profit after tax of Rs3.16 billion (EPS: Rs38.06) for the six-month period ended 31st December 2016 (1HFY16), up by 92%YoY, where ex-reversal earnings were Rs2.72 billion (EPS: Rs32.83) up by 66%YoY due to: 1) increase in gross margins to 6.4% as compared to 3.9% for 1HFY16 but lower sequentially as input costs rose, 2) profit from other associates recording a strong uptick (Rs68 million as compared to Rs14 million for the corresponding period last year and 3) finance costs rising 58%YoY as the company embarks on ambitious CAPEX plans.