Pakistan State Oil (PSO) declared its March-2020 Quarter financial results where the company posted a massive loss of Rs. 8.7 billion (Loss Per Share: 13.55) as compared to the profits of Rs. 1.67 billion (Earnings Per Share: 3.57) recorded in the same period of last years.
The fall in the Volumetric sales of Furnance Oil by PSO caused the Revenue to decline. PSO recorded Revenue of Rs. 242 billion as compared to Rs. 246.6 billion in the same period last year.
Similarly, the gross profit of the company fell on the back of high inventory losses, and lower volumetric sales. PSO posted Gross Loss of Rs. 1.879 billion during the quarter ended March-2020.
Furthermore, the finance cost surged by 79% to Rs. 4.79 billion due to higher interest rates on short-term borrowings.
PSO faced severe pressure recently after international oil prices declined and lockdowns put in place to contain the spread of COVID-19 dented the Petroleum demand while also raising concerns about company’s liquidity as issue of Pakistan Energy Sukuk got delayed.
On Fiscal Year Basis, PSO posted a Net Loss of Rs. 4.4 billion in Nine Months Period ended March, 2020. The quarterly loss led to a substantial loss in 9MFY2020 basis.
|Distribution & marketing expenses||(2,343,467)||(2,179,311)||8%|
|Profit from operations||(4,106,667)||6,272,405||-165%|
|Profit after taxation||(8,750,913)||1,677,213||-622%|
|Earnings per share||(13.55)||12.62|