KARACHI: Byco Petroleum (Byco) on Monday reported a 76 percent fall in its profit to Rs240.984 million for the first quarter ended September, translating into earnings per share (EPS) of Re0.05, a bourse filing said on Monday.
Byco earned Rs1.018 billion with EPS of Re0.19 in the corresponding period a year earlier. The company didn’t announce any dividend. Topline Securities attributed the decline in profitability to a 400 basis points year-on-year decrease in gross profit margins, a 44 percent rise in distribution costs and a 66 percent increase in finance cost.
Byco’s gross turnover increased to Rs66.389 billion in the July-September quarter compared to Rs41.351 billion in the corresponding period a year ago. Cost of sales increased to Rs52.229 billion in the period under review as against Rs29.385 billion in the comparable period a year earlier. Gross profit fell to Rs1.485 billion from Rs2.056 billion.
Sale and distribution expenses rose to Rs129.709 million from Rs89.846 million. Finance costs surged to Rs820.234 million from Rs493.909 million.
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