Byco, one of the country’s energy giants, saw its operational loss ballooning by 74.4 percent or Rs 507 million owing to the company’s reduced sells, Profit learnt Wednesday.
According to the company’s consolidated profit and loss account, during first quarter of the current fiscal year, July-September FY2012, Byco faced a loss after taxation of Rs 1.118 billion compared to Rs 681.170 million the firm incurred in the corresponding period last year.
The loss per share, basic and diluted, amounts to Rs 1.14 against last year’s Rs 1.74.
During the period under review, the net sales of the company have declined to Rs 5.348 billion as compared to Rs 7.899 billion during the same period in FY11. “The company continued facing significant working capital constraints which resulted in limited supplies and disrupted business operations during the quarter ended September 30 (2011)”, the company’s chief executive officer told the shareholders at Karachi, Lahore and Islamabad stock exchanges and the Securities and Exchange Commission of Pakistan.
As a result, he said, the company suffered a loss after taxation of Rs 1.188 billion for the period as compared to a loss after taxation of Rs 681 million in the last corresponding period.
Byco is country’s emerging energy companies engaged in the businesses of oil refining, petroleum marketing, chemicals manufacturing and petroleum logistics. Headquartered in Karachi, the firm is catering the energy demand in and outside Pakistan.
The companies that work under Byco’s umbrella include Byco Oil Pakistan Limited, Oil Refining & Chemical Manufacturing, Byco Petroleum Pakistan Limited, Oil Refining & Petroleum Marketing, Universal Terminal Limited and Infrastructure and Logistics.