Byco profits jump 139 percent

News Desk

KARACHI: Byco Petroleum Pakistan Ltd. (BPPL) on Monday posted a net profit of Rs 213 million in its half year ended December 2019, up 139 prcent from Rs 89 million a year earlier’

The companies recorded a gross profit of Rs2.4 billion in the first half from Rs1.45 billion a year earlier. Gross sales were recorded at Rs125.6 billion from Rs 123.4 billion in the corresponding period of 2018.

The company improved refinery margins by converting nearly all Naphtha volumes into motor spirit and successfully implemented various cost-saving measures. The improvement in the value of the rupee against the dollar also had a positive impact on the results.

Amir Abbassciy, chief executive officer Byco said Pakistani oil refiners are facing the industry’s most daunting period ever. “Due to the economic slowdown, and disappearing demand for furnace oil, refineries are facing an existential threat. Byco has managed to navigate through this very difficult environment profitably.”