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September 25, 2020

Byco posts Rs2.4bln losses in FY20

Business

 
September 25, 2020

Byco Petroleum Pakistan (BPPL) posted loss of Rs2.430 billion with loss per share (LPS) of Re0.46 for the year ended June 30, 2020, a bourse filing said on Thursday.

The company declared loss of Rs1.683 billion with LPS of Re0.32 in the year ended June 30, 2019.

“During the year, despite facing a 15 percent fall in crude oil prices, Byco was able to limit the reduction in the company’s gross sales by only 5.0 percent, from Rs252 billion to Rs239 billion in the previous year, through implementation of prudent strategies,” the company said in a statement.

Byco’s gross profits, however, increased by 48 percent to Rs 2.9 billion from Rs1.96 billion last year due to better pricing of crude cargos. Operating expenses remained within budget. Due to rupee depreciation, the company booked an exchange loss of Rs514 million. Finance costs increased due to higher KIBOR rates.

The global energy industry in general and the oil refiners in Pakistan in particular have been facing some of the most daunting challenges ever. The rapid spread of COVID-19 brought business activities to a standstill, pushed the global economy into a recession, decimated fuel demand, and reduced oil prices to historic lows. Oil demand in Pakistan fell by 35 percent following nationwide lockdown in March and April.