Byco Petroleum Pakistan Ltd (BPPL), Pakistan's leading oil company, has announced its nine months financial results for the period ending on 31 March 2019.
The company's gross sales increased by 32 percent as compared with the corresponding period of the previous year to Rs 182.9 billion. Net sales increased by 35 percent to Rs 145.2 billion.
The oil refining sector in Pakistan experienced a challenging business environment in the first nine months of the current fiscal year marked by the economic slowdown, volatile oil prices, devaluation of the Rupee, and weak upliftment of furnace oil (FO). This had a negative impact on Byco Petroleum's profits.
Byco Petroleum's gross profits fell 58 percent to Rs 3.03 billion in the first nine months of the ongoing fiscal year. Operating profit for the period came in at Rs 2.30 billion compared to Rs 5.85 billion in 2018. The company earned a net profit of Rs 719.6 million compared to Rs 3.53 billion a year earlier. The Company's earnings per share for this period stood at Rs 0.14 compared to Rs 0.66 for the same period last year. The decline in profits was driven in large part by the factors mentioned earlier.-PR
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