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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