KARACHI - The Board of Management (BoM) of Pakistan State Oil Company Limited (PSOCL) convened on Tuesday at the PSO headquarters, to review the Company’s performance for the first Quarter (Q1) of the financial year 2014-15 (FY2015).

In the period under review, PSO’s Profit After Tax (PAT) has been Rs 5.2 billion, which is 59pc higher than the budgeted PAT of Rs 3.3 billion for Q1 FY 2015. The budget was based on the fact that a bulk of interest income from IPPs received in the first quarter of last year is expected to be received in a steady stream on a sustainable basis during this year. Therefore, PAT including interest income from IPPs had been lower than that during Same Period Last Year (SPLY) (Rs 5.2 billion vs. Rs 7.8 billion). However, profit from operations (excluding IPP interest income) was Rs 9.11 billion, 39pc higher than that if Rs 6.55 billion during SPLY.

PSO retained its market leadership in Black Oil and White Oil, and successfully met the demand of fuel across the country despite the hardships and supply chain disruptions faced because of the power sector’s inability to pay for fuel in a timely manner. Accordingly, the turnover of Rs 355 billion during Q1 FY15 has been 5pc lower than that of Rs 364 billion during SPLY largely due to the effects of circular debt, floods and civil disturbance in certain areas on the vast retail network of PSO.