UPDATE 1-Pakistan OGDCL 08/09 net up 25 pct; div disappoints

(Adds comment, detail)

KARACHI Aug 13 (Reuters) - Oil and Gas Development Co Ltd. (OGDCL) (OGDC.KA), Pakistan's biggest-listed company, reported on Thursday a 25.26 percent rise in full-year net profit, in line with market expectations.

But the company's shares underperformed the market, which dealers said was because of a lower-than-expected final cash dividend of 2.5 rupees per share.

OGDCL said its full-year net profit for the fiscal year that ended on June 30 stood at 55.54 billon rupees ($673.4 million), against forecasts by six analysts of between 54.6 billion and 59.2 billion rupees.

OGDCL earned a net profit of 44.34 billion rupees last year.

"The profit is in line with expectations but the market was expecting a higher dividend payout, and that is why the shares have fallen," said Sajid Bhanji, a dealer at brokers Arif Habib Ltd.

By 0840 GMT, the company's shares were trading 1.99 percent down at 93.02 rupees in a broader market .KSE that was 0.16 percent lower.

Analysts said higher gas prices as well as a fall in the rupee's value against the dollar helped the company's earnings, which has a market capitalisation of $4.9 billion.

"The higher earnings have resulted due to improved gas well head prices as well as currency devaluation, which has offset the impact of lower oil revenues due to falling crude oil prices," said Farhan Mahmood, an analyst at JS Global Capital.

OGDCL said its net sales rose in 2008/09 to 130.83 billion rupees from 125.91 billion last year, while operating expenses jumped to 22.67 billion rupees from 19.61 billion.

The firm did not give a quarterly break-up of results. ($1=82.48 rupees) (Reporting by Faisal Aziz; Editing by Robert Birsel)