PSO earns Rs5.9bn profit in nine months of FY19

ISLAMABAD: Pakistan State Oil (PSO), the leading oil marketing company of Pakistan, has earned a profit after tax (PAT) of Rs5.9 billion during the nine-month period of the financial year 2018-19, ARY News reported.

PSO recently convened its board of management (BoM) meeting to review the company’s performance for the nine-month period of the current financial year, said a PSO spokesperson.

The spokesperson said that PSO maintained its leadership position in the liquid fuels market with an overall share of 40.8 per cent during the period under review and maintained the supply chain by importing 47 per cent of total industry imports and uplifting 35 per cent of total refinery production in the country to ensure uninterrupted fuel supply to its customers.

He further said that the black oil volume declined primarily due to power production shift towards RLNG whereas the drop in white oil volume includes access to smuggled products, a decline in automobile sales as against the same period last year, and decrease in contribution from agriculture and large scale manufacturing sector towards GDP.

In March 2019, the current government partially settled the rising circular debt through the payment of Rs60 billion and receivables from SNGPL increased by Rs40 billion as compare to last year in June.