KARACHI: After witnessing record Rs3.6 billion profit in first quarter (January-March) of previous year, the Pakistan State Oil (PSO) has to face Rs1.04 billion net loss during the same period of the current fiscal year.
According to the company, the nine-month profit for fiscal 2014-15 plunged 83% to Rs3.2 billion as OPEC’s basket crude oil price slipped 51% to $53 per barrel in March 2015 from $109 in July 2014, the company said.
In a rare event, PSO’s results have been approved by CEO since the government is yet to reconstitute the board of directors, which was dissolved earlier this year. CEO Shahid Islam also approved cash dividend of Rs6 per share.
The PSO said the profit was also hit because of a lower recovery in late payments surcharge. In the nine-month period, it collected Rs3.4 billion against Rs11.9 billion received in the same period previous year. The inventory loss during the period was Rs8.3 billion.
