Pakistan State Oil Company Ltd (PSO) has reported a significant loss in its earnings for the second quarter of the fiscal year 2023 (October-December 2022). The company’s unconsolidated loss amounted to Rs4.56 billion during the period, a sharp decline from the Rs20.2 billion profit after tax reported in the same period last year.
The loss per share for PSO was Rs9.7 in 2QFY23, compared to the earnings per share of Rs43.02 in SPLY. Despite the loss, PSO’s net sales for the three months ending December 31, 2022, increased by 61.3% to Rs843 billion, as per a notice submitted to the Pakistan Stock Exchange (PSX) on Friday.
The growth in topline was attributed to the raised retail prices, which have been up significantly since May 22, according to AKD Securities. While the increase in net sales is encouraging for PSO, the loss is a cause for concern for the company and its investors.
The recent loss reported by PSO for the second quarter of the fiscal year 2023 is a setback for the company. However, the growth in net sales is a silver lining for the company, and its raised retail prices may continue to support its revenue in the near future.
