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KARACHI: Profitability of Pakistan State Oil Company Ltd (PSO) dropped 90 per cent year-on-year in July-September to Rs1.2 billion, a stock notice showed on Friday.
The company’s revenue was Rs862bn in the quarter under review, up 88pc from a year ago.
According to Arif Habib Ltd, the jump in sales was due to higher prices of petroleum products. However, the overall sale volumes witnessed a decline of 22pc to 2.36 million tonnes in the first quarter of 2022-23.
On a sequential basis, net sales dropped 4pc on account of the rainfall and flash floods across the country.
The company booked effective taxation at 70pc in the three-month period versus 33pc a year ago. The increase is reflective of the super tax of 4pc levied on profit-before-tax for the first quarter of 2022-23.
Meanwhile, National Bank of Pakistan reported its earnings for July-September clocked in at Rs7bn, down 7pc from a year ago. However, the net income figure was 179pc higher on a quarter-on-quarter basis.