Pakistan State Oil Company Limited (PSO) announced its financial result for the half year of the financial year 2022-23 (1HFY23) posting an unconsolidated loss of Rs. 3.36 billion, compared to a net profit of Rs. 32 billion in 1HFY22.
For the quarter that ended on December 31st 2022, the company posted a loss of Rs. 4.5 billion as compared to a profit of Rs. 20.19 billion in 2QFY22.
Net sales of the company arrived at Rs. 1,705 billion in 1HFY23, up by 74 percent YoY given the higher average selling prices of petroleum products, as compared to Rs. 981 billion in the same period last year according to a report by Arif Habib Ltd. However, the overall volumes High speed diesel, Motor Spirit and Furnace Oil declined by 14 percent, 17 percent and 32 percent year on year.
Similarly, the sales in 2QFY23 ascended by 61 percent YoY.
The company posted a gross profit of Rs. 11.56 billion with the gross margins reducing to 0.68 percent in the first half of FY2023 against 4.96 percent in the same period last year given the significant decline in ex-refinery prices leading to higher inventory losses. While the other income surged by 5.3 percent YoY in 1HFY23 to Rs. 11.3 billion compared to Rs. 10.7 billion in 1HFY22.
Meanwhile, in 2QFY23, the other income witnessed a decline of 53.5 percent YoY arriving at Rs. 4.16 billion given the absence of significant penal income from the power sector booked last year.
The finance costs drastically increased by 8.8x YoY to Rs. 12.5 billion in 1HFY23 due to higher interest rates.
PSO posted a loss per share (LPS) of Rs. 7.16 for 1HFY23 compared to earnings per share (EPS) of Rs. 68.56 in 1HFY22.
The company’s scrip at the bourse closed at Rs. 128.04, down 3 percent or Rs. 3.96 with a turnover of 1,775,392 shares on Friday.
