Byco Petroleum losses decrease

Byco Petroleum’s net loss drops 41% to Rs1.14b in first half of fiscal 2011 compared with last year.

KARACHI: Byco Petroleum’s net loss dropped by 41 per cent to Rs1.14 billion in the first six months of fiscal 2011 compared with Rs1.96 billion in the same period last year.

Refineries posted strong profits in the first half (July to December) of fiscal 2011 on the back of improved gross refining margins during July to September, said JS Global Capital analyst Umer Ayaz.

However, the company’s net sales fell 16 per cent to Rs17.6 billion during July to December against Rs21 billion posted in the same period last year, according to a notice sent to the Karachi Stock Exchange on Thursday.

Published in The Express Tribune, February 4^th, 2011.