Friday, April 10, 2020

PSO earnings dropped by 98% YoY during 2QFY19

Featured

Russia begins clinical trials of Coronavirus drugs

The press service of the Russian Federal Biomedical Agency announced that clinical trials based on mefloquine, hydroxychloroquine and caledavir...

Coronavirus: UK Premier transferred to intensive care

British Prime Minister Boris Johnson was transferred to intensive care tonight at St Thomas hospital after his condition deteriorated...

New York: 102,863 Coronavirus cases, escalating daily

New York Governor Andrew Como has announced that the number of Coronavirus cases in the state has risen to...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Pakistan State Oil Company Limited (PSO) announced its financial result for 1HFY19 whereby the company declared a Profit After Tax (PAT) of PKR 4.2bn (EPS: PKR 10.86) compared to PKR 8.5bn (EPS: PKR 21.78) in 1HFY18, depicting a decline of 50% YoY. On a sequential basis, earnings clocked-in at PKR 68mn (EPS: PKR 0.17), down by 98% YoY and 98% QoQ.

Topline of the company settled at PKR 292bn for 2QFY19, up by 12% YoY, given higher prices of products. During 2QFY19, volumes of FO, HSD and MoGas dropped by 75%, 36% and 14% YoY, respectively.

The company posted a gross profit of PKR 5.1bn with gross margins set at 1.74% in 2QFY19 compared to 3.67% in the prior year. We view noteworthy changes in ex-refinery prices that resulted in inventory loss of more than PKR 3.0bn.

Other operating income increased by 122% YoY / 73% QoQ to PKR 1,680mn. We reckon that increase in other income is on the back of company recording markup on delayed payments in the period under review.

Meanwhile, increase in finance costs by 98% YoY to PKR 2,029mn is owing to higher reliance on borrowing to meet working capital requirements.

The company booked effective taxation at 89% in contrast to 38% in 2QFY18.

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Latest News

ExxonMobil Reduces 2020 Capex by 30%, Cash Opex by 15%; Maintains Long-Term Outlook

ExxonMobil said today it is reducing its 2020 capital spending by 30 percent and lowering cash operating expenses by...

Russia begins clinical trials of Coronavirus drugs

The press service of the Russian Federal Biomedical Agency announced that clinical trials based on mefloquine, hydroxychloroquine and caledavir drugs for the treatment of...

Coronavirus: UK Premier transferred to intensive care

British Prime Minister Boris Johnson was transferred to intensive care tonight at St Thomas hospital after his condition deteriorated following his coronavirus hospitalization. This...

New York: 102,863 Coronavirus cases, escalating daily

New York Governor Andrew Como has announced that the number of Coronavirus cases in the state has risen to 102,863. He said: "New York is...

Pakistan: ABAD terms Construction Incentives as historic

Chairman Association of Builders and Developers of Pakistan (ABAD) Mohsin Sheikhani has termed the incentives announced by Prime Minister Imran Khan as a historic...

Related News