PHOTO: BYCO
The integrated petroleum company had registered a profit of Rs386.32 million in the preceding year, showed its profit and loss account with the Pakistan Stock Exchange (PSX).
The company got a tax rebate of Rs1.05 billion, which was 24% higher than the rebate of Rs854.52 million last year.
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An energy sector analyst said the company could have received the rebate against losses suffered in preceding years. “There is a clause which allows companies to claim tax refunds against the losses they have booked in preceding years considering it will be profitable in coming years,” he said.
The company stated in a press release that “Byco’s significant growth in profitability has been the result of significant efforts to improve the company’s logistics and import of products at market competitive pricing.”
Contrary to the steep increase in its profit, the company reported a decrease of 35% in its earnings per share to Rs0.26 from Rs0.40 last year.
The drop was because of a significant surge in the number of shares due to merger of its various businesses into one entity during the period under review.
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“Following the merger, the number of shares has increased by 542% to 5.3 billion against 977 million last year,” it said.
Byco’s share price dropped 4.65%, or Rs0.57, to Rs11.69 with a volume of 2.59 million shares in Thursday’s session at the PSX.
Turnover (net) increased 13% to Rs88.57 billion in FY17 from Rs78.35 billion in the previous year. Finance cost dropped 12% to Rs2.43 billion from Rs2.77 billion last year.
Published in The Express Tribune, December 22nd, 2017.
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