Oil refineries, distribution Cos’. profits decline

KARACHI: The profits of the oil refineries and distribution companies during the first quarter of the current fiscal year plummeted by 24 and 376 percent respectively.

According to the statistics available here, the profits of the oil refineries during July-September current fiscal year declining by 24 percent on annual basis stood at Rs18.60 billion, while the profit of the oil distribution companies as compared to the same period previous year plunging by 376 percent amounted to Rs8.79 billion.

Invest Capital analyst, Khurram Shahzad attributed oil sector plummeting profit mainly to the descending international market crude oil price and the depreciation of rupee against dollar. However, the profits of the oil and gas exploration companies during the same period increased annually by 55 percent.