Byco Petroleum’s gross profits fell by 58% 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. Earnings per share for the period is Rs 0.14 compared to Rs 0.66 last year. The decline in profits was driven in large part by the rising oil prices, currency weakness, and an evolving fuel mix.
The company’s gross sales increased by 32% from the corresponding period of the prior year to Rs 182.9 billion. Net sales increased by 35% 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.
