KARACHI: Byco Petroleum Pakistan Limited's net profit for the first half of financial year 2021 increased 4.5 times in second half of 2020 against last year’s net profit of the same period.

This increase to Rs 961 million equates to earnings per share of Rs 0.18 compared to net profit of Rs 213 million and earnings per share of Rs 0.04 the previous year, said Byco release here on Tuesday.

Byco’s performance reflects the improving business environment, marked by rising petroleum products consumption and strict discipline on operating costs. COVID-19 caused unprecedented disruption to trade and commerce but businesses have started to adjust to the new normal.

The company’s gross revenues declined by 20% due to fall in oil prices, to Rs 100.1 billion from PKR125.6 billion in the corresponding period last year, owing to Covid-19’s impact on the economy. Byco’s gross profits, however, increased by 30% to Rs 3.3 billion from Rs 2.5 billion a year earlier due to favorable crude and furnace oil prices.

Operating profit increased by 20% to Rs 2.3 billion from Rs 1.9 billion in the same period last year, due to strict discipline on costs. The company’s net profit increased to Rs 961 million, or Rs 0.18 per share, from Rs 213 million, or Rs 0.04 per share, in the same period of 2019, which makes 4.5 times high against last year’s corresponding net profit.