KARACHI: Pakistan State Oil (PSO) reported 43.75 per cent increase in its profit-after-tax at Rs4.6bn for the first nine months of 2015-16 compared to Rs3.2bn in the corresponding period of 2014-15.

The company said in a statement that the increase in net profit was largely due to the growth in sales volume and margins of white oil products revised in Nov 1, 2014, and a reduction in operating and finance costs by 10pc and 42pc, respectively.

However, the increase was partially offset by a decrease in black oil margins due to the reduced price of the commodity.

The outstanding receivables stood at Rs224bn from the power sector, PIA and SNGPL against supplies of furnace oil, aviation fuels and Liquefied Natural Gas (LNG). The management was said to be working closely with the Ministry of Water and Power and PIA for timely realisation of due payments to ensure uninterrupted fuel supplies.

Kohat Cement earns Rs3.3bn

The firm posted a profit-after-tax of Rs3.3bn for 9MFY16, up from Rs2.2bn in the corresponding period last year. Net sales rose to Rs10.8bn from Rs8.8bn last year. For the quarter ended March, the company posted a profit of Rs1.2bn, up from Rs 866m. Analysts said that the earnings were driven by a 28.8pc increase in net sales to Rs3.7bn on the back of higher dispatches.

Lower cost of fuel and power resulted in gross margins to clock in at 49.2pc — an increase of 11.5 percentage points. KOHC also informed investors that its Waste Heat recovery Power Plant started generating electricity from April 1, 2016.

Dawood Hercules swings to profit

The company announced the current fiscal year’s first-quarter earnings of Rs449m (earnings per share Rs0.9) against a loss of Rs240m (loss per share Rs0.5) in the same period last year. Dividend income came in at Rs777m as a result of dividends from Hub Power Company (Hubco). The company had earlier increased its shareholding in Hubco from 3pc to 14pc after it acquired additional Hubco shares from DH Fertiliser.

Published in Dawn, April 30th, 2016