Byco’s profit down 5% to Rs388.63m

KARACHI: Byco Petroleum Limited’s consolidated profit shrank 5% to Rs388.63 million in the quarter ended March 31 due to increased cost of sales, according to a bourse filing Thursday. The company had recorded a profit of Rs407.29 million in the same quarter of the previous year.

Accordingly, earnings per share dropped to Rs0.40 in the quarter from Rs0.42 in the corresponding period.

Byco’s share price increased 1.08%, or Rs0.24, to close at Rs22.31 with a volume of 4.74 million shares. The company’s net sales grew 33% to Rs23.98 billion from Rs17.98 billion.

The growth in sales failed to trickle down to the consolidated profit due to uptick in cost of sales. The cost increased to 92.10% (Rs22.09 billion) of the sales from 91.24% (Rs16.40 billion) in the corresponding period. Increase in administrative, selling and distribution expenses and lower other income also decreased profit.

Published in The Express Tribune, April 28^th, 2017.

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