PSO declares 55 percent decline in net profit for nine-month period

KARACHI: The net profit of Pakistan State Oil (PSO) has declined substantially by 55 percent to Rs5.92 billion for the period July – March 2018/2019 as compared with Rs13.22 billion in the corresponding period of the last fiscal year.

According to financial results submitted to Pakistan Stock Exchange (PSX) on Monday for nine-month period ended March 31, the earning per share of the company also fell to Rs15.15 as compared Rs33.80 in the same period of the last year.

The gross sales of the company was flat at Rs950.93 billion during July – March 2018/2019 as compared with Rs930.38 billion in the same period of the last fiscal year.

The gross profit of PSO reduced to Rs23.88 billion for the nine-month period ended March 31, 2019 as compared with Rs28.87 billion in the same period of the last fiscal year.

The profit of the company for the quarter January – March 2019 also fell to Rs1.67 billion as against Rs4.70 billion, posting 64 percent decline.

Analysts at Topline Securities said that the company recorded loss of around Rs2.3 billion on petrol, while, gain of around Rs2 billion and Rs95 million on Furnace Oil (FO) and HSD respectively.

Further, volumetric decline of 6 percent YoY in HSD/Petrol and 31 percent YoY decline FO sales also weighed on overall gross profits of the company.

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