KARACHI: Byco Petroleum Pakistan Ltd. has posted around 80 percent decline in net profit for nine-month period ended March 31, 2019, according to financial results presented to Pakistan Stock Exchange (PSX) on Tuesday.
Earnings per share of the company also fell to Rs 0.14 compared to Rs 0.66 last year.
The company attributed the decline in profit that the oil refining sector in Pakistan experienced a challenging business environment in the first nine months of the current fiscal year marked by the economic slowdown, volatile oil prices, devaluation of the Rupee, and weak upliftment of furnace oil (FO).
The company’s gross sales increased by 32 percent from the corresponding period of the prior year to Rs 182.9 billion. Net sales increased by 35 percent to Rs 145.2 billion.
Byco Petroleum’s gross profits fell 58 percent to Rs 3.03 billion in the first nine months of the ongoing fiscal year.
Operating profit for the period came in at Rs 2.30 billion compared to Rs 5.85 billion in 2018.
The company earned a net profit of Rs 719.6 million compared to Rs 3.53 billion a year earlier.
Amir Abbassciy, CEO of Byco Petroleum Pakistan Limited, said commented on the financial result: “Despite many factors which have been working against us, including oil prices, currency weakness, and an evolving fuel mix for the nation, we are hopeful for better results in the near term.”
Byco expresses its deepest appreciation and gratitude to the government, its shareholders, customers, and strategic partners for offering cooperation in this period.
The company reiterates its resolve to manage this difficult time to the best of its abilities and will continue to strive to deliver optimum results for its stakeholders.