KARACHI: Pakistan State Oil Company Ltd (PSO) reported unconsolidated earnings of Rs20.19 billion for the Oct-Dec quarter, up a massive 361.3 per cent from a year ago, a stock filing showed on Friday.

The company did not announce any cash dividend in spite of record quarterly income.

The unusual jump in profit was because of “huge inventory gains” and penal income recorded during the quarter, said a note by Topline Securities.

Quarterly sales increased to Rs523bn — up 82pc year-on-year and 14pc quarter-on-quarter — mainly because of higher volumetric sales that went up 13pc from a year ago. In addition, an increase of 83pc in international oil prices also helped sales grow.

Other income of the company surged to Rs8.9bn from Rs3.1bn a year ago. The increase was likely due to a payment from the power sector.

In the first half of 2021-22, PSO’s earnings clocked in at Rs32.18bn, up 238pc from a year ago.

Its share price went down 4.63pc to Rs187.73 on the stock exchange.

Published in Dawn, February 12th, 2022