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Tag: financial results

  • Byco Petroleum declares 96pc decline in half-year profit

    Byco Petroleum declares 96pc decline in half-year profit

    KARACHI: The net profit of Byco Petroleum Pakistan Ltd. fell sharply by 96 percent for the first half ending December 31, 2018 due to depreciation in Pak Rupee value and weak upliftment of furnace oil.

    Byco Petroleum Pakistan Ltd. (BPPL) on Tuesday announced financial results for the six months ending on 31 December 2018.

    The net profit was Rs. 89 million as compared with Rs2.3 billion a year earlier, said a press release.

    On a per share basis, the company earned Rs0.02 per share during the six months ending on 31 December 2018 as opposed to Rs0.44 per share in the prior year.

    Byco Petroleum generated a gross profit of Rs1.4 billion in the first half of the current fiscal year compared with a profit of Rs4.7 billion a year earlier.

    The company’s gross sales increased by an impressive 52 percent during the first half of the fiscal year from the same period in the previous year to Rs123.47 billion.

    The company said that it was a difficult period for Pakistan’s energy industry however, and particularly so for the oil refining industry.

    The country witnessed a 14 percent drop in the value of the Pakistani Rupee against the US dollar.

    The oil price environment was highly volatile as the international Brent oil price jumped to annual highs then plunged to annual lows within a few months.

    Meanwhile, the upliftment of furnace oil (FO) remained weak in the country.

    This challenging backdrop had a negative impact on Byco Petroleum Pakistan Limited’s refinery throughput as well as refining margins.

    However, the management made every effort to minimize the company’s exposure to the tough market.

    Byco Petroleum is fully committed to improving its operating and financial performance in the future, said the press release.

  • Indus Motors declares fall in half-year profit on high cost of sales

    Indus Motors declares fall in half-year profit on high cost of sales

    KARACHI: Indus Motors Company Limited has declared 6.13 percent decline in half yearly net profit owing to significant rise in cost of sales for the period.

    According to financial results for half year period ended December 31, 2018 submitted to Pakistan Stock Exchange (PSX) on Monday, the company declared profit after tax at Rs6.912 billion as compared with the profit of Rs7.364 billion in the corresponding half of the last year.

    The sales of the company surged by 21 percent to Rs76.44 billion during the first half of current fiscal year as compared with Rs63.07 billion in the corresponding half of the last year.

    However, cost of the sales increased more rapidly by 27 percent to Rs66.38 billion for the period under review as compared with Rs52.18 billion in the same period of the last year.

    Other expenses including administrative and distribution are flat at Rs1.337 billion as compared with Rs1.334 billion for the period.

    Indus Motors Company Limited declared profit before taxation at Rs10.03 billion during July – December 2018 as compared with Rs10.51 billion in the corresponding period of the last year.

    The company declared earnings per share for the period at Rs87.94 as against Rs93.69 EPS declared in the same period of the last year.

  • NBP’s annual profit falls by 13pc on massive provisioning, write-offs

    NBP’s annual profit falls by 13pc on massive provisioning, write-offs

    KARACHI: The net annual profit of National Bank of Pakistan (NBP) has declined by 13 percent owing to sharp increase in provisioning and write-offs.

    The net profit of the bank was at Rs20 billion in 2018 as compared with Rs23 billion in the previous year.

    In its financial results submitted to Pakistan Stock Exchange (PSX) on Friday, the bank declared earnings per share at Rs9.41 as compared with previous year’s EPS at Rs10.82.

    The net mark-up income and interest income of the bank had been increased to Rs60.66 billion in the year 2018 as compared with Rs54.25 billion in a year ago.

    Meanwhile, non-mark up income and interest income of the bank was at Rs36.248 billion for the year under review as compared with Rs31.065 billion a year ago.

    The cost of provisioning and write-offs increased massively to Rs11.3 billion as compared with Rs1.19 billion.

  • Meezan Bank announces 42 pc increase in annual profit

    Meezan Bank announces 42 pc increase in annual profit

    Karachi, Pakistan – In a financial disclosure submitted to the Pakistan Stock Exchange (PSX) on Thursday, Meezan Bank Limited has announced a remarkable 42 percent increase in profit after tax for the fiscal year ending December 31, 2018.

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  • HUBCO declares 26pc fall in half year profit

    HUBCO declares 26pc fall in half year profit

    KARACHI – Hub Power Company Limited (HUBCO) has announced a significant 26.6 percent decrease in profit after tax for the half-year ended December 31, 2018, according to the financial results submitted to the Pakistan Stock Exchange (PSX) on Thursday.

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  • United Bank registers 39 percent decline in annual profit

    United Bank registers 39 percent decline in annual profit

    United Bank Limited (UBL) has revealed a substantial decline of 39.53 percent in its annual profit for the year ended December 31, 2018, attributing the decrease to significant provisioning, write-offs, and pension liabilities.

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  • Engro Corp announces 35 percent surge in annual profit

    Engro Corp announces 35 percent surge in annual profit

    KARACHI: Engro Corporation Limited (ENGRO) has announced 35 percent surge in profit after tax to Rs12.71 billion for calendar year 2018 as compared with Rs9.41 billion in the preceding year.

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  • International Steel announces 20 percent decline in profit

    International Steel announces 20 percent decline in profit

    KARACHI: International Steel Limited (ISL) has disclosed a 20 percent decrease in profit after tax for the first half of the fiscal year ending on December 31, 2018.

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  • PSO declares 50% decline in net profit for first half

    PSO declares 50% decline in net profit for first half

    KARACHI: Pakistan State Oil (PSO), the state-run oil company, has announced a 50 percent decline in net profit for the half-year period ending on December 31, 2018, as revealed in the financial results submitted to the Pakistan Stock Exchange (PSX) on Monday.

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  • Allied Bank declares Rs12.88 billion PAT for year 2018

    Allied Bank declares Rs12.88 billion PAT for year 2018

    Karachi – Allied Bank Limited, one of Pakistan’s leading financial institutions, announced a profit after tax of Rs12.88 billion for the year 2018, reflecting a commendable 1.15 percent increase compared to the preceding year’s profit of Rs12.733 billion.

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