Hascol’s profit increases 2% to Rs297m
Earnings per share amount to Rs2.64 for July-September
PHOTO: HASCOL
KARACHI:
Hascol Petroleum Limited’s consolidated profit increased 2% to Rs296.66 million in the quarter ended September 30 due to significant growth in sales, uptick in other income and lower taxation, according to a bourse filing on Monday.
The oil marketing firm had recorded a profit Rs291.79 million in the corresponding period of the previous year.
Accordingly, earnings per share rose to Rs2.64 from Rs2.42. Its share price dropped to Rs261.41, a fall of Rs7.42 on Monday.
Oil sales increase to 10-year high at 26 million in FY17
The company earned net revenue of Rs46.41 billion, which was 73% higher than Rs26.89 booked in the same quarter of FY17.
Taurus Securities said the growth in revenue may be attributed to 50% year-on-year jump in volumetric sales and higher product prices.
Other income increased 77% to Rs108.90 million from Rs61.37 million.
JS Research added that application of lower tax rate on profit (effective tax rate) partly helped the company earn higher profit. The effective tax rate reduced to 29% in the quarter under review from 48% in the corresponding period of FY17.
It added that, otherwise, the profit before tax had slashed 24% to Rs428.30 million from Rs291.79 million.
Making money in the oil business not that slippery
Finance cost increased to Rs126.45 million from Rs107.83 million.
Cumulatively in 9 months, consolidated profit increased 18% to Rs1.06 billion (earning per share at Rs9.09) from Rs903.82 million (earing per share at Rs7.49) in the corresponding period.
Published in The Express Tribune, October 31st, 2017.
Hascol Petroleum Limited’s consolidated profit increased 2% to Rs296.66 million in the quarter ended September 30 due to significant growth in sales, uptick in other income and lower taxation, according to a bourse filing on Monday.
The oil marketing firm had recorded a profit Rs291.79 million in the corresponding period of the previous year.
Accordingly, earnings per share rose to Rs2.64 from Rs2.42. Its share price dropped to Rs261.41, a fall of Rs7.42 on Monday.
Oil sales increase to 10-year high at 26 million in FY17
The company earned net revenue of Rs46.41 billion, which was 73% higher than Rs26.89 booked in the same quarter of FY17.
Taurus Securities said the growth in revenue may be attributed to 50% year-on-year jump in volumetric sales and higher product prices.
Other income increased 77% to Rs108.90 million from Rs61.37 million.
JS Research added that application of lower tax rate on profit (effective tax rate) partly helped the company earn higher profit. The effective tax rate reduced to 29% in the quarter under review from 48% in the corresponding period of FY17.
It added that, otherwise, the profit before tax had slashed 24% to Rs428.30 million from Rs291.79 million.
Making money in the oil business not that slippery
Finance cost increased to Rs126.45 million from Rs107.83 million.
Cumulatively in 9 months, consolidated profit increased 18% to Rs1.06 billion (earning per share at Rs9.09) from Rs903.82 million (earing per share at Rs7.49) in the corresponding period.
Published in The Express Tribune, October 31st, 2017.