PSO posts Rs4.6bn loss in 4QFY23

The bottom line of Pakistan State Oil (PSO) turned negative in the last quarter of 2022-23 as its unconsolidated loss amounted to Rs4.6 billion versus a three-month profit of Rs21.4bn a year ago. In the preceding quarter of January-March, the state-owned oil marketing company recorded a net profit of Rs13.6bn. As a result, PSO’s earnings totaled Rs5.6bn in 2022-23, down 93.4pc from the preceding fiscal year, the company told investors on Wednesday. The company also announced a final cash dividend of Rs7.50 per share. According to AKD Securities, the result was slightly higher than its expectations wherein major deviations occurred owing to higher operational expenses and finance costs during the April-June quarter. “Furthermore, inventory losses are estimated to have clocked in at Rs3.48bn as ex-refinery prices for petrol/diesel fell by 10pc/16pc during the period,” it said, adding that gross margins for the quarter settled at 1.9pc versus 5.7pc in the preceding three-month period.