PRL in 9MFY17

Pakistan Refinery Limited (PSX: PRL) depicted a better financial performance in 9MFY17 in the announcement made on Pakistan Stock Exchange. The refinery came on the recovery path in FY16 where it turned to profits after weak FY15 and FY14.

For the first nine months of FY17, the revenues have finally stabilized against the declining trend in the past, while its earnings were up by 21 percent year-on-year. However, the firm might not be able to sustain this improved financial performance for at least FY17; a look at the quarterly performance shows that most gains were secured in 1QFY17 as earnings for 2QFY17 and 3QFY17 posted a decline of around 34 percent, and 42 percent year-on-year, respectively. Also, the support from other income kept the bottom-line up, which would have slipped otherwise