PSO’s net profits dip by 55% in 9MFY19

April  22, 2019 ( MLN): Pakistan State Oil Company Limited (PSO) has issued its financial earnings result for the nine months ended March 31, 2019, as per which the company has earned net profits of Rs.5.9 billion (EPS: Rs.15.15), i.e. around 55% lower as compared to the same period last year.

This severe drop in earnings was due to the decline in sales volumes of Furnace Oil (FO)  and High Speed Diesel (HSD)  along with significant inventory losses.

During the period, finance cost also played a significant role in declining company's profitability as it surged by 84% and rise in effective tax rate by 34% further pulled the company's profitability down.

Moreover, the company's Board of Management announced interim cash dividend for the financial year ending June 30th, 2019 at the rate of Rs.5 per share i.e. 50%.

Financial Results for the nine months  ended March 31, 2019 ('000 Rupees)

 

Mar-19

Mar-18

% Change

Gross sales

                  950,930,813

                  930,382,183

2.21%

Sales tax and IFEM

                (131,731,904)

                (180,926,584)

-27.19%

Net Sales

                  819,198,909

                  749,455,599

9.31%

Cost of products sold

                (795,314,964)

                (720,577,426)

10.37%

Gross Profit

                     23,883,945

                     28,878,173

-17.29%

Other income

                       3,592,155

                       5,081,033

-29.30%

Operating cost

                  (10,089,460)

                  (10,105,861)

-0.16%

Profit from operations

                     17,386,640

                     23,853,345

-27.11%

Finance costs

                     (6,775,565)

                     (3,686,496)

83.79%

Share of (loss)/profit of associates – net of tax

                             82,188

                           266,443

-69.15%

Profit before taxation

                     10,693,263

                     20,433,292

-47.67%

Taxation

                     (4,767,005)

                     (7,208,609)

-33.87%

Profit after taxation

                       5,926,258

                     13,224,683

-55.19%

Earnings per share – basic and diluted (Rupees)

                               15.15

                               33.80

-55.18%

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Posted on: 2019-04-22T11:37:00+05:00

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