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

MG News | April 22, 2019 at 11:37 AM GMT+05:00

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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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