PSO’s profits deteriorate by 16.87%

October 29, 2018 (MLN): Pakistan State Oil (PSO)’s profits during the 1st quarter ended 30th September 2018 has declined by 16.87% as a result of higher finance cost and fall in other income.

According to the financial results announced, company has reported a decline in other income of about 56.15% and finance cost has surged by  1.06 billion (141.52%), whereas, share of profit from associates also declined by 24% and taxes witnessed a small increase of 0.78%, the overall impact of which further dropped down profits of the company.

The Earnings per share of the company reported a decline of 16.92% for the quarter ended September 30, 2018.

Financial Results for the 1st Quarter Ended September 30th 2018 ('000 Rupees)

 

Sep-18

Sep-17

% Change

Gross sales

                  331,124,546

                  324,756,003

1.96%

Sales tax, Discounts and IFEM

                  (51,096,521)

                  (66,111,129)

-22.71%

Net Sales

                  280,028,025

                  258,644,874

8.27%

Cost of products sold

                (269,121,626)

                (249,472,509)

7.88%

Gross Profit

                     10,906,399

                       9,172,365

18.90%

Other income

                           970,454

                       2,213,045

-56.15%

Operating cost

                     (3,580,855)

                     (3,367,628)

6.33%

Profit from operations

                       8,295,998

                       8,017,782

3.47%

Finance costs

                     (1,826,054)

                        (756,072)

141.52%

Share of profit of associates – net of tax

                           119,959

                           157,959

-24.06%

Profit before taxation

                       6,589,903

                       7,419,669

-11.18%

Taxation

                     (2,409,019)

                     (2,390,272)

0.78%

Profit after taxation

                       4,180,884

                       5,029,397

-16.87%

Earnings per share – basic and diluted (Rupees)

                               12.82

                               15.43

-16.92%

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Posted on: 2018-10-29T11:20:00+05:00

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