PSO reports profit after tax of Rs13.2bn

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Image Credits: AFP

KARACHI: According to the financial results released by Pakistan State Oil (PSO) on Monday, PSO earned a Profit after Tax (PAT) of Rs13.2 billion for the 9 month period ended March 2018, meanwhile reporting growth in gross profits of 6.9 per cent despite a decline in furnace oil (FO) volumes.

PSO experienced product wise volumetric growth of 5.4 per cent in HSD, 12.3 per cent in MOGAS, 10.3 per cent in Jet Fuel (JP-1), 21 per cent in LPG, 5 per cent in Lubricants and 34 per cent in LNG. However, the FO volumes declined by 29 per cent.

PSO has managed to get additional funds of Rs23 billion in the month of March, bringing down the outstanding receivables (inclusive of LPS) from the power sector, PIA and SNGPL as of March 31, 2018, to Rs304 billion against Rs313 billion as of December 31, 2017.

The management is continuously pursuing with the Ministry of Energy and the Ministry of Finance for their due intervention for injection of funds in order to settle the said outstanding receivables as well as payment for FO and LNG supplies of Rs130 billion planned to be made in the quarter April-June 2018.

As a result of the financial performance, PSO has announced 100 per cent cash dividend of Rs 10 per share.

However, the influx of smuggled product, volatile fuel demand by the power sector and hurdles in the induction and smooth movement of NHA/OGRA compliant tank lorries by the transport union will be key challenges for the business in comings months, further added the company’s report to its shareholders.