October 30, 2019 (MLN): Pakistan State Oil (PSO), has announced its financial results for the quarter ended September 30th 2019, as per which the company posted 17% decline in its net profits after tax from Rs 4.18 billion to Rs 3.47 billion.
The earning per share for the period clocked in at Rs 8.94 per share against Rs 10.69 reported in the same quarter last year.
During the Quarter PSO’s Net sales grew by 21%YoY to Rs 340.6 billion on the back of higher POL prices coupled with an increase in MS, HSD and FO’s sales volume by 11%YoY, 4%YoY and 27%YoY respectively. However, gross profit witnessed a slight decline of 4.6%YoY with gross margins falling marginally from 4% to 3% YoY.
Furthermore, income from other sources surged significantly by 73%, but a considerable increase in finance charges of the company by 69% partially offset its impact.
|
Financial Results for the Quarter ended September 30, 2019 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Sep-19 |
Sep-18 |
% Change |
|
Net Sales |
340,642,349 |
280,718,565 |
21.35% |
|
Cost of products sold |
(329,227,949) |
(269,812,166) |
22.02% |
|
Gross Profit |
11,414,400 |
10,906,399 |
4.66% |
|
Other income |
1,686,730 |
970,454 |
73.81% |
|
Operating cost |
|
|
|
|
Distribution & marketing expenses |
(2,662,437) |
(2,068,021) |
28.74% |
|
Administrative cost |
(828,995) |
(720,772) |
15.01% |
|
Other expenses |
(324,161) |
(792,062) |
-59.07% |
|
|
(3,815,593) |
(3,580,855) |
6.56% |
|
Profit from operations |
9,285,537 |
8,295,998 |
11.93% |
|
Finance costs |
(3,093,722) |
(1,826,054) |
69.42% |
|
Share of (loss)/profit of associates – net of tax |
144,583 |
119,959 |
20.53% |
|
Profit before taxation |
6,336,398 |
6,589,903 |
-3.85% |
|
Taxation |
(2,862,447) |
(2,409,019) |
18.82% |
|
Profit after taxation |
3,473,951 |
4,180,884 |
-16.91% |
|
Earnings per share – basic and diluted (Rupees) |
8.94 |
10.69 |
-16.37% |
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