Byco’s profit surges to Rs987.58m in Jul-Sep

Company’s share price dropped 1.32%, or Rs0.20, to close at Rs14.90

KARACHI: Byco Petroleum’s consolidated profit surged to Rs987.58 million in the quarter ended September 30, 2017 mainly due to increased sales of petroleum products at refinery and retail levels, according to a notice sent to the Pakistan Stock Exchange (PSX) on Tuesday.

In the same three months (July-September) last year, the integrated petroleum, oil and lubricant importing, manufacturing and marketing firm booked a meagre profit of Rs32.35 million.

Accordingly, earnings per share enhanced to Rs0.19 in the quarter under review from Rs0.01 in the corresponding quarter. Byco Petroleum’s share price dropped 1.32%, or Rs0.20, to close at Rs14.90 with 4.7 million shares being traded at the PSX. The net sales increased by 89% to Rs31.44 billion from Rs16.62 billion. Cost of sales, meanwhile, surged 79% to Rs29.31 billion from Rs16.39 billion.

Finance charges dropped to Rs494 million from Rs570 million. On the flip side, other income significantly fell to Rs143 million from Rs934 million. The exchange loss enhanced to Rs102 million from Rs32.5 million.

Published in The Express Tribune, January 31^st, 2018.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.