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Tag: Pakistan State Oil

  • PSO declares annual loss of Rs6.46 billion

    PSO declares annual loss of Rs6.46 billion

    KARACHI: Pakistan State Oil Company Limited (PSO) on Tuesday declared Rs6.46 billion loss for the year ended June 30, 2020, according to financial results of the company submitted to Pakistan Stock Exchange (PSX).

    The company posted Rs10.56 billion after tax profit for the year ended June 30, 2019.

    The company recorded sales of Rs1,108 billion for the year under review as compared with sales of Rs1,154.3 billion in the preceding year.

    The gross profit of the company fell to Rs12.22 billion for the year ended June 30, 2020 as compared with the profit of Rs36 billion in the preceding year.

    The operating costs of the company fell to Rs14.68 billion for the year ended June 30, 2020 as compared with Rs17.1 billion in the preceding year.

    The PSO declared Rs13.77 loss per share for the year under review as compared with Rs22.55 earning per share during the preceding year.

  • Many fuel stations shut down after sudden demand, supply suspension rumors

    Many fuel stations shut down after sudden demand, supply suspension rumors

    Panic gripped Karachi on Wednesday evening as numerous fuel stations were forced to shut down following a surge in demand sparked by rumors of a fuel supply suspension.

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

    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.

  • PSO receives Rs60 billion from power companies

    PSO receives Rs60 billion from power companies

    KARACHI: Pakistan State Oil (PSO) has said it received Rs60 billion as partial settlement of receivable from power sector companies.

    In a notice to Pakistan Stock Exchange (PSX) on Monday, the state run oil marketing company said that it had received an aggregate amount of Rs60 billion as partial settlement of receivables related to certain power sector companies on March 01, 2019 after close of normal business hours.

    Consequently, PSO’s principal receivables balance from these power sector companies has reduced accordingly. The amount received by the company has been used for partial repayment of its bank borrowing, the company said.

  • 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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