KARACHI: Byco Petroleum Pakistan Limited has eventually managed to turn its consolidated accounts into profit, as it records net earnings of Rs386.32 million in the fiscal year ended June 30, 2016, according to a bourse filing on Tuesday.
The company had incurred a loss of Rs647.89 million in the preceding year. Accordingly, earnings per share in FY16 stood at Rs0.40 against loss per share at Rs0.66 last year.
A statement of the company said the improvement came primarily on the back of better inventory management and increased sales volume.The result, however, failed to motivate investors at the Pakistan Stock Exchange. Share price of the company fell Rs0.22, or 0.85%, and closed at Rs25.53 with a turnover of 32.46 million shares.
“The company…further penetrated the market by increasing its sales volume by 27% in the current year. This is the fourth consecutive year when sales volume of the company increased significantly, thereby showing consistency in its operations,” the statement added.
Apart from operating the refinery, the company also imported a large volume of petroleum products at its own floating jetty – Single Point Mooring – which helped in increasing the turnover and added to the profitability.
The bourse filing said finance costs decreased 18% to Rs2.53 billion from Rs3.08 billion last year.
Net sales, in rupee terms, fell 16% to Rs79.43 billion from Rs94.80 billion in the previous year.
Published in The Express Tribune, September 7th, 2016.