Hascol Petroleum reports 25% dip in its net profit for Q2 of FY 2018.
As per the notice, sent to Pakistan Stock Exchange, by the company, its net profit for the second quarter that ended on June 30, 2018, is down by 25.2% to PKR 298.5 million, whereas in the same period of the corresponding year, the net profit was PKR 399 million.
Not only the net profits are down, but also the Earnings per share are also down, in the recent quarter it was PKR 2.06 while in the same period of the previous FY the Earnings per share stood at PKR 3.13.
Aside from the decline net profits in the second quarter of the current fiscal year, the net profit of first half of the year (H1) surged to 33.2% from PKR 771 million to PKR 1.028 billion.
Moreover, the net revenues also soared by 55% in the quarter that ended in June.
It is imperative to mention here that Hascol Petroleum was among the first oil companies that asked the government to revise and upgrade petrol specification to protect the environment and health of the public after Honda’s complaint against some oil companies which were selling gasoline containing a dangerous level of manganese.
The net profits of PSO have also gone down by 15% to PKR 15.46 billion in FY’18. The Earnings per share also fell to PKR 47.42. However, its net sales grew by 19% to PKR 1.30 trillion.
Moreover, Attock Petroleum’s net profit saw a robust growth and was up by 6.81%, which even the industry analysts lauded.
That’s it from our side, drop your thoughts in the comments section below.