Byco, formerly Bosicor Refinery, reported on Monday a net loss of Rs342 million during the third quarter of the current fiscal year, lower than Rs1.218 billion incurred during the corresponding period last year, a statement said.
The company’s gross profit of Rs428 million was diluted by high selling expenses, financial charges and depreciation of the rupee, according to the results. During the nine months (July/March 2009/10) the company registered a loss of Rs2.2 billion as compared to Rs9.1 billion in the corresponding period last year.
“Refining margin has improved in the recent months to $4/4.5 per barrel,” said Hamad Aslam, head of research at BMA Capital. “Similarly, Byco was able to increase sales on the back of its new petroleum marketing business.”
The company’s revenue from sales went up by over 150 per cent to Rs10 billion against Rs4.1 billion during January-March 2009 as prices of petroleum products increased. The gross refining margins of refineries in Pakistan should be at least $7/8 per barrel to ensure profitability, said Aslam.
Source The News
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