Shell Pakistan’s profit jumps up to Rs1.39b

EPS rises to Rs13.05 in the Jan-Mar quarter compared to Rs0.20 in same period of previous year.

KARACHI: Shell Pakistan Limited has posted a net profit of Rs1.39 billion in the quarter ended March 2017 compared to just Rs21 million in the same period of previous year, according to the company notice sent to the Pakistan Stock Exchange (PSX) on Thursday.

Earnings per share (EPS) rose to Rs13.05 in the Jan-Mar quarter compared to Rs0.20 in the corresponding period of previous year. The KSE 100-share Index closed at 48,743, up 1,140 points or 2.39%. Shell Pakistan’s share price closed at Rs634.69, up 3%.

In a separate note to shareholders along with the results, Shell Pakistan said it was exposed to inventory losses driven by oil price volatility and compliance with regulatory requirements of maintaining strategic stock levels in the country.

The results of the company continue to be affected by the financial burden resulting from overdue receivables from the government of Pakistan, thus Shell Pakistan continues to incur financing cost on bank borrowings required to fund these receivables, it added. As of March 31, 2017, total outstanding receivables of Shell Pakistan stood at Rs4.64 billion.

Published in The Express Tribune, April 21^st, 2017.

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