Karachi August 18 2023: In the final quarter of fiscal year 2023, Pakistan Refinery Limited recorded a loss of PKR 706 million, primarily attributed to reduced margins, as confirmed by the company's filing with the exchange.
Consequently, the share price of the company witnessed a decline of 40 paisa or 2.39 percent at the Pakistan Stock Exchange.
“The first cargo of 100,000 tons of Russian Urals had been successfully tested at the state run Pakistan Refinery Limited (PRL), despite limitations such as higher freight and insurance costs, and producing more furnace oil after refining compared with Arabian light oil” says Energy Minister Musadik Malik.
The first shipment, which was agreed upon in April, successfully arrived at Karachi port last month and was settled using China's currency.
During the same period, the company achieved a gross profit of PKR 1.1 billion, reflecting a substantial 90 percent decrease in comparison to the gross profit of PKR 11.6 billion reported for the corresponding period in the previous year. Additionally, the company's financials reveal that finance costs amounted to PKR 889 million in the fourth quarter of fiscal year 2023, marking an increase from the PKR 465 million incurred in the fourth quarter of fiscal year 2022.
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