Mari’s earnings surge 88pc

Mari Petroleum Company Limited’s quarter earnings increased by 88 percent, amid an increase in its sales. In its condensed interim profit and loss report sent to the Pakistan Stock Exchange, the company announced profits for the quarter ended September 30 at Rs2.76 billion against Rs1.46 billion in the corresponding period of the last year.

Mari’s earnings per share remained at Rs25.09, up against Rs1.46 during the same period of the last year. Mari also announced distributable earnings per ordinary share at Rs1.50 as compared to Rs1.41 last year.

Gross sales of the company during the year remained at Rs26.02 billion against Rs22.56 billion, while after deduction of several taxes and levies, the net sales remained at Rs18.76 billion from Rs17.39 billion. Operating expenses of the company increased to Rs1.57 billion from Rs1.30 billion that reduced the profit margins.

Mari posted other expenses at Rs37.01 million as compared to other income of Rs286.50 million during the corresponding period of the last year.