PPL Six months net profit up 48 pct

KARACHI, Jan 26 (Reuters) - State-run Pakistan Petroleum Ltd. (PPL.KA) (PPL) reported a 48.2 percent jump in net profit for the first half to Dec. 31, fuelled by higher gas and crude oil prices and increased sales but the profit came below market estimates.
PPL, which operates Pakistan's largest gas field, posted a net profit of 13.77 billion rupees ($174.3 million) against 9.29 billion rupees a year ago, it said in a statement to the Karachi Stock Exchange on Monday. The stock fell 5 percent.
"The increase in its earnings was due to higher oil and gas well-head prices and higher other income earned," said Farhan Mahmood, an analyst at JS Global Capital Ltd.
Net sales in the first half jumped 40 percent to 29.6 billion rupees from 21.16 billion rupees a year ago.
The company's other income including from investments rose to 2.27 billion rupees from 1.19 billion rupees.
The net profit was below analysts' forecasts which ranged from 13.98 billion rupees to 14.895 billion rupees.
By 0728 GMT, PPL shares were down 4.9 percent at 137.37 rupees, while the broader Karachi market was down 1.1 percent.

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