Byco posts profit of Rs1.4bln

KARACHI: Byco Petroleum Pakistan Limited Tuesday announced a profit-after-tax of Rs1.4 billion for the year ended June 2016. “The company showed significant improvement which came primarily on the back of better inventory management and increased sales volume,” Byco’s spokesman Imran Ghaznavi said.

The company, which has a refinery, petroleum marketing arm, and oil-import terminal, further penetrated the market by increasing its sales volume by 27 percent in the current year. The company announced earnings per share (EPS) of Rs1.40 compared to Rs0.07 last year.

Apart from operating the refinery, Byco also imported large volumes of petroleum products at its own floating jetty (the Single Point Mooring) which helped increase the turnover and added profitability.

Byco Petroleum has filed a petition with the high court for merger with its wholly owned subsidiary and the parent company in a bid to integrate different parts of its petroleum supply chain.