KARACHI: Byco Pakistan Petroleum Limited has reported a consolidated net profit of Rs180.04 million for the half year ended December 31, 2016 on the back of higher sales and lower expenses, according to a bourse filing on Thursday.
The oil marketing company had booked a net loss of Rs448.77 million in the same period of the previous year.
Earnings per share (EPS) came in at Rs0.18 for Jul-Dec 2016 compared to loss per share of Rs0.46 in the corresponding period of previous year. Its share price fell 1.05%, or Rs0.23, to close at Rs21.65 with a volume of 2.50 million shares at the Pakistan Stock Exchange.
Gross sales increased 9% to Rs53.04 billion from Rs48.80 billion. Selling and distribution expenses dropped 41% to Rs915.85 million from Rs1.54 billion. Financial charges fell 8% to Rs1.19 billion from Rs1.30 billion.
The company, however, failed to step up growth in the Oct-Dec 2016 quarter. Its consolidated profit in the quarter dropped 50% to Rs122.87 million (EPS at Rs0.13) from Rs243.47 million (EPS Rs0.25) in the corresponding period of previous year. The hit to profit came primarily in the wake of higher other expenses and lower other income.
Other expenses surged 89% to Rs254.67 million from Rs135.06 million. Other income fell 64% to Rs304.04 million from Rs848.47 million.
Exchange losses for the company also played a critical role in taking the half-year accounts in the black and pushing profit down in the last quarter.
Published in The Express Tribune, February 24th, 2017.
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