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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