INVESLINK CAPITAL (Pvt) Ltd. Pakistan Alert: (August-29-2013) PSO: FY13 EPS Rs50.84, DPS of Rs2.5 August 29, 2013 Pakistan State Oil Company (PSO) announced FY13 EPS of Rs50.84, up 39% from Rs36.67 recorded in last year. The company also announced final dividend of Rs2.5 per share as final dividend, in addition to, interim cash dividend of Rs2.5 per share along with bonus dividend of 20%. Though company’s gross margins slightly declined to 3.3% versus 3.4% in FY13, gross profit rose by 6% to Rs36.5bn as against Rs34.3bn last year thanks to higher margins in absolute terms. We believe lower penal income led to 39% drop in other income to Rs5.9bn versus Rs9.7bn in previous year. This decline of Rs3.7bn was overcome by 35% or Rs4.1bn decline in financial charges to Rs7.6bn followed by 18% or Rs3.3bn decline in operating expense of the company. In 4Q, company posted earnings of Rs13.13 as against Rs0.33 reported in the same period last year. As compared to 3QFY13, company posted a growth of 7%. PSO remains as one of our preferred plays amongst the energy chain and we maintain ‘Buy’ stance on the company. Regards, Azhar Hussain
Posted on: Thu, 29 Aug 2013 06:28:09 +0000
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