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Friday March 29, 2024

|PSO Q3 profit up 13 percent to Rs4.702 billion

By Our Correspondent
April 24, 2018

KARACHI: Pakistan State Oil (PSO) on Monday said its net profit for the quarter ended March 2018 rose 13 percent to Rs4.702 billion from Rs4.141 billion recorded in the same quarter of the preceding year.

PSO in a statement sent to Pakistan Stock Exchange said earnings per share (EPS) remained at Rs14.42/share compared to Rs12.70 reported in the same period last year. The company also announced an interim dividend of Rs10/share. An analyst at Insight Securities said the result was significantly above the market expectations.

“The gain in profit was most likely due to inventory gains in the quarter (over Rs2 billion as per our calculations) against our expectation of inventory losses, and significant penal income,” the analyst said in a flash note.

The net sales increased Rs226 billion during the January-March period as compared to Rs218 billion in the same period last year. “The revenues were higher due to an increase in petroleum product prices,” the analyst added.

For the nine months, the net profit of the PSO was around Rs13.224 billion compared to Rs14.156 billion in the same period last year. The EPS for the period was translated into Rs40.56/share as against an EPS of Rs43.42/share in the corresponding period last year.

The PSO, in a statement, said the company had product-wise volumetric growth of 5.4 percent in high speed diesel, 12.3 percent in motor gasoline, 10.3 percent in jet fuel, 21 percent in liquefied petroleum gas, 5 percent in lubricants, and 34 percent in liquefied natural gas. The fuel oil volumes, however, declined 29 percent, it added.

The company said it has managed to get the additional funds of Rs23 billion in March, bringing down the outstanding receivables (inclusive of late payment surcharge) from the power sector, Pakistan International Airlines, and Sui Northern Gas Pipelines Limited as of March 31, 2018 to Rs304 billion as compared to Rs313 billion as of December 31, 2017.

The company said the management was continuously pursuing with the ministry of energy and the ministry of finance for their due intervention for injection of funds to settle the outstanding receivables as well as payment for fuel oil and liquefied natural gas supplies of Rs130 billion planned to be made in the last of quarter of April-June 2018.

Engro Corp Q3 profit up 62pc

Engro Corporation on Monday announced its profit grew 62 percent during the third quarter of financial year 2017-18 on higher fertiliser sales.

The company in a statement to Pakistan Stock Exchange said the net profit increased to Rs6.837 billion during the Jan-March from Rs4.218 billion in the same period of the preceding year. Engro also announced an interim dividend of Rs5 per share or 50 percent.

The net sales increased Rs33.5 billion during the period compared to Rs22.4 billion in the same period last year, it added.

The company also reported earnings per share of Rs8.041/share compared to Rs5.42 in the same period last year.

Topline Securities in a report said the fertiliser segment surged on the back of an increase in urea sales volumes by 89 percent year-on-year to 510,000 tons, while polymer business recorded a highest ever sales volume of 54,000 tons, up 23 percent compared to same period last year. It added that the company’s other income went up 10 percent to Rs2.6 billion due to inclusion of one-time insurance gain of Rs276 million in polymer segment.

Bestway Cement 9-month profit down 17 percent.

Bestway Cement Company Ltd on Monday said its profit during nine months ending March 31, 2018 fell 17 percent because of an increase in administrative expenses.

The company in a bourse filing said net profit dropped to Rs8.71 billion from Rs10.56 billion in the same period of the preceding year.

The company also announced an interim dividend of Rs3/share or 30 percent. The cement-maker said the costs of goods sold and administrative expenditures increased to Rs25.778 billion and Rs173 million during January-March period.

The company also reported earnings per share of Rs4.22/share compared to Rs5.81/share in the same period last year.

Kohat Cement’s July-Mar profit falls 26 percent

Kohat Cement Company Ltd on Monday said its net profit for nine months ended March 31, 2018 fell 26 percent because of an increase in administrative and general expenses.

In a bourse filing, the company announced the net profit went down to Rs2.296 billion from Rs3.121 billion recorded in the same period a year ago. It added that the costs of goods sold and administrative expenditures increased to Rs6.869 billion and Rs150 million during January-March period.

An analyst said a drop in price in the northern region clipped the company’s net profit.

Kohat Cement also said sales edged down to Rs10.384 billion during the period under review compared with Rs10.657 billion in the same period last year.

The cement maker reported earnings per share of Rs14.86/share compared to Rs20.20 in the same period last year.