The Pakistan State Oil (PSO) has posted over twofold surge in earnings, as the profit for the nine months ended March 31, 2017 clocked in at Rs. 14.156 billion as compared to Rs 4.59 billion during the same period of the last year.
Total sales of PSO were up 62% to Rs 218 billion driven by higher oil prices. As a result of higher prices, gross profits also increased to 9.2 billion this year versus loss of 610 million in the same period last year.
Growth in petrol and diesel also contributed to higher sales and gross profits for the company. Petrol and diesel sales were up 5% YoY to 1.4 million tons over 3 quarters.
The company also cut down its operating cost by 5% to 2.9 billion and the other income was also up by 6% to 1.7 billion.
The earnings per share (EPS) for the quarter stood at Rs 52.10 as compared to Rs 16.91 during the same period of the last year.
The company also announced a cash dividend of Rs10/share in this quarter.