APL profits surge 126 percent

Attock Petroleum Limited on Wednesday announced a 126 percent increase in the quarter net profit, amid a decline in cost of sales.In its condensed interim profit and loss account statement issued to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs1.56 billion for the period ended September 30, up against Rs691.64 million recorded in the previous year.

The company posted earnings per share (EPS) of Rs18.85/share as compared to Rs8.34 in the same period of the last year.

During this year, gross sales of the company remained at Rs38.98 billion, down 2.3 percent from Rs39.91 billion the previous year.

After deduction of sales tax, the net sales of APL were posted at Rs31.50 billion as compared to the last year’s net sales of Rs31.40 billion.

Cost of sales was recorded at Rs29.21 billion, down against Rs30.37 billion last year. Operating cost remained low that increased the profit margins.

Other income of the company slightly improved to Rs224.98 billion as compared to Rs213.22 billion in the previous year.