Shell Pakistan Limited (SPL), a subsidiary of Shell Petroleum Company Limited, announced a loss of Rs4.76 billion in the first three months of 2023.

The results of the January-March quarter released on Thursday are a far cry from a profit of Rs2.08 billion it reported in the same period of the previous year.

Resultantly, Shell Pakistan posted a loss per share at Rs22.25, compared to an earning per share (EPS) of Rs9.72.

According to the notice to the Pakistan Stock Exchange (PSX) on Thursday, Shell Pakistan’s net revenue during the quarter ended March 31, 2023, rose to Rs108.6 billion compared to Rs82.7 billion in SPLY, an over 31% increase.

Amid higher sales, the company’s gross profit increased by nearly 30% clocking in at Rs12.2 billion in 3QFY23, compared to Rs9.4 billion in SPLY.

However, the OMC recorded higher operational expenses during the 3QFY23, mainly driven by high other expenses, which clocked in at Rs11.13 billion, as compared to Rs2.53 billion, an increase of nearly 340%.

Consequently, Shell Pakistan posted an operating loss of Rs3.45 billion 3QFY23, as compared to an operating profit of Rs3.05 billion in SPLY.

On the other hand, PSO’s cost of finance increased to Rs737. 8 million in 3QFY23, as compared to Rs216.9 million in the same period last year, a jump of over 240%. The higher finance cost during the period could be attributed to the rise in interest rate during the period.

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Following the financial results announcement, the company’s share price was trading at Rs74.25 per share, a decline of Rs3.65 or 4.7%.

Earlier, earnings of Pakistan State Oil Company Limited (PSO), the country’s largest oil marketing company, plunged 68%, clocking in at Rs12.54 billion for the third quarter of fiscal year 2023 (January-March 2023), compared with PAT of Rs39.28 billion reported in the same period last year.