Staff Reporter
Karachi
Byco Petroleum Pakistan Ltd. on Thursday reported financial results for the year ending June 30, 2020. During the year, despite facing a 15pc fall in crude oil prices, Byco was able to limit the reduction in the company’s gross sales by only 5pc, from Rs 252 billion to Rs 239 billion in the previous year, through implementation of prudent strategies.
The company’s gross profits, however, increased by 48% to Rs 2.9 billion from Rs 1.96 billion last year due to better pricing of crude cargos.
The operating expenses remained within budget.
Due to the Pak Rupee’s depreciation, the company booked an exchange loss of Rs 514 million.
