KARACHI: Byco Petroleum Limited managed to post a profit in the quarter ended December 31, 2017, compared to a loss recorded in the same quarter of the previous year after it successfully integrated its different energy businesses into one unit.
The company, which integrated its oil importing, refinery and marketing companies, reported a profit of Rs841.13 million in the quarter compared to loss of Rs370.88 million in the same period last year. Accordingly, it booked earnings per share (EPS) of Rs0.16 in the quarter compared to loss per share (LPS) of Rs0.07 in the corresponding quarter.
Byco’s share price increased 4.38%, or Rs0.66, to close at Rs15.72. It emerged as the volume leader with 15.51 million shares changing hands at the Pakistan Stock Exchange (PSX) on Wednesday.
Net sales increased 38% to Rs31.19 billion in the quarter compared to Rs22.55 billion in the corresponding quarter.
Cost of sales surged 21.5% to Rs28.95 billion compared to Rs21.86 billion. Finance costs increased to Rs841 million from Rs668 million. Other expenses rose to Rs369 million from Rs255 million. Other income, however, dropped to Rs191 million from Rs281 million.
Cumulatively, in Jul-Dec of FY19, it booked a consolidated profit of Rs1.82 billion (EPS of Rs0.34) compared to a loss of Rs335.5 million (LPS of Rs0.06) in the corresponding half of last year.
Published in The Express Tribune, March 1st, 2018.
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