PSO posts losses of Rs3.4b in quarterly report

Pakistan State Oil released its quarterly financial report for the third quarter ending March 31 on Wednesday in which it posted a total loss of Rs3.4 billion. It had posted a profit of Rs1.6 billion in the same quarter last year.

The PSO script recorded a loss of Rs7.3 per share. This too is in contrast to its third quarter report for the previous year when it posted Rs3.57 earnings per share.

The total sales of its product dropped 1% from the previous period, according to the report. However, sales were 8% higher than that of the corresponding quarter last year.

It said the sales of petrol rose 7% while high-speed diesel sales dropped 2%.

The state-run oil marketing and gas marketing company recorded a loss of Rs4 billion in its inventory at the end of nine months. The report cited circular debt and a 33% surge in operating costs alongside depreciation in foreign exchange as reason for the losses.