Pakistan State Oil has posted its earnings for the 3rd Quarter of FY19, and according to it, the company made PKR 1.68bn in Q3 down by 64%.
Note here that in the same period of the corresponding year, PSO made PKR 4.70bn. The Earnings per share (EPS) is down to PKR 4.29 from PKR 12.02. Furthermore, the total profitability for 9MFY19 of the company is PKR 5.93bn down by 55%YoY. As per the company, the earnings are down due to a decline in sales of Furnace Oil, High-speed diesel and a rise in finance costs and taxes. On the contrary, net revenue increased by 9%YoY to PKR 246.66bn during 3QFY19.
Moving onwards, gross profit of Pakistan State Oil declined by 23%YoY to PKR 7.89bn during 3QFY19 as against PKR 10.18bn in the similar period last year owing to the substantial decline in volumes.
Aside from a decline in earnings of PSO, Pak Suzuki’s profit is also down by 66%. In a notice sent to Pakistan Stock Exchange (PSX), the car making company has revealed that its profit in the calendar year 2018 is down to PKR 1.3 billion and if compared with the previous year the company made PKR 3.8 billion. Interestingly, the company’s sales revenue was up in the said period; however, due to a weaker rupee, its profit margin nosedived.
Moreover, the Earnings per Share (EPS) of Pak Suzuki in 2018 was PKR 15.77 as opposed to 2017 where it stood at PKR 46.49. The revenues of the company increased by 18% while the cost of sales also surged by 22%.
IMC has also posted its profit and according to it, its profit for the quarter that ended on 31 December 2018 has dropped to PKR 3.4 billion as opposed to PKR 3.7 billion in the same period of the corresponding year.
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