Oil and Gas Development Company Ltd earns Rs49bn

Oil and Gas Development Company Ltd reported on Wednesday its earnings for July-September amounted to Rs49 billion, down eight per cent from a year ago. Insight Securities Ltd said the year-on-year decline in quarterly income was due to the absence of a hefty exchange gain of Rs11bn. Revenues increased 13pc year-on-year mainly because of the devaluation of 23pc even though the decline in oil prices was 15pc. Along with the result, the company also announced an interim cash dividend of Rs1.60 per share. Security Papers profit rises Meanwhile, Security Papers Ltd told investors its net profit for the July-September quarter amounted to Rs365.2 million, up 74.1pc from a year ago. The company’s top line expanded 46pc to Rs1.7bn in the period under review. The company said it recently concluded a technical consultancy agreement with a leading European security paper company and aims to benchmark its operational efficiencies with them to prepare a comprehensive plan for efficiency and cost improvement.