KARACHI - Pakistan State Oil has declared Rs8.5 billion profit after tax for 1HFY18. The gross profit of the company increased by 5% to Rs 18.7 billion during 1HFY18 vs same period last year (volumetric increase of 8% despite reduction in furnace oil volumes). The government of Pakistan had issued PIBs of Rs 46 billion to PSO in June 2013 as part of partial circular debt settlement. Maturity of these PIBs in July 2017 is the key driver for lower interest income (Rs 2.1 billion) and profit after tax (PAT) of Rs 8.5 billion in 1HFY18 vs Rs 10 billion during SPLY.

The board of management (BOM) of PSO, which reviewed the performance of the xompany for first half of the financial year 2017-18 (1HFY18) here on Wednesday, presented report that during 1HFY18, the market share of White Oil stood at 45.7% while market share of Black Oil dropped to 73% from 73.4% over same period last year (SPLY) and PSO’s overall market share in liquid fuel market was 55% (1HFY17: 56%). The company continued to deliver healthy volumes in all the businesses except furnace oil that declined due to shift of power plants to LNG starting November 2017. The shift is a positive game changer in the country energy mix.