KARACHI: Byco Petroleum Pakistan Limited saw its net loss reduce by almost 98%, amounting to Rs41.48 million during the nine-month period that ended on March 31 on the back of return of stability in international crude oil prices.
Net losses during the July-March period came down from Rs1.67 billion in the same period last year. Accordingly, this translated into loss per share of Rs0.04 as compared to Rs1.71 in the corresponding period, the company said in a notification to Pakistan Stock Exchange (PSX).
The share price of the company increased 2.40%, to Rs21.74 with a turnover of 13.22 million shares in a bull-run session at the stock exchange on Thursday.
“Byco Petroleum Pakistan Limited managed to recover with the return of relative stability in international crude oil prices…,” the petroleum company said in a hand-out.
In a period when oil prices declined by about 40%, the company reported gross sales of Rs75.80 billion which is 3% lower than reported in same period last year, it said.
The company operates the only floating port in the country, which has started importing petroleum products at its Single Point Mooring facility that “helped greatly in improving company’s performance,” it said.
Published in The Express Tribune, April 29th, 2016.
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