KARACHI: Pakistan State Oil (PSO) reported loss after tax (LAT) at Rs6.5 billion translating into loss per share of Rs13.77 for the year ended June 30.

The results were in line with market expectations which is why the PSO stock price at the exchange remained generally unimpaired.

The board of directors stated that unprecedented losses of Rs16.4bn incurred during Q4FY20 not only eroded the net profit of Rs3bn earned during the first three quarters, but also resulted in a net loss for the complete fiscal year.

“In the wake of uncontrollable circumstances and despite massive inventory losses, the company was able to contain the extent of losses through efficient inventory management, focus on high margin products and prudent expense controls,” Pakistan State Oil said in a statement.

The company stated that regardless of the challenging economic scenario, PSO continued to lead Pakistan’s petroleum downstream market having a share of 44.3pc in total liquid fuels at the end of FY20, which was 1.9pc higher than the previous year.

Pakistan State Oil was able to reduce chronic receivables from the power sector, Pakistan International Airlines (PIA) and Sui Northern Gas by Rs13.1bn, which stood at Rs185.2bn as of June 30.

Moreover, macroeconomic stability, stabilisation of rupee-dollar parity and aggressive business strategy of market penetration backed by plans of infrastructure development represent a promising future for the company, the statement said.

Soneri Bank earns Rs1.1bn

Soneri Bank Ltd posted profit after tax of Rs1.129 billion for the half year ended June, said a press release issued on Tuesday.

Its earnings per share came in at Rs1.0243 while profit before tax (PBT) was Rs1.931bn for the same period. The bank’s net advances portfolio stood at Rs198bn as of 30 June.

BankIslami half-year profit jumps

BankIslami reported PAT of Rs1.074 billion during the first half of 2020, jumping by 85pc over Rs581 million in the corresponding period last year.

The bank generated operating profit (before provisions and tax) of Rs3.382bn, registering a growth of 89pc.

Provision against credit losses increased by around Rs670m as it booked subjective charge against potential impairments.

Published in Dawn, September 2nd, 2020