Financial results of Byco Petroleum Pakistan Limited for period ended September 30, 2015

Karachi: Byco Petroleum Pakistan Limited informed Karachi Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on October 29, 2015.

The agenda of the meeting was discussion of un-audited interim profit and loss account for the Quarter ended September 30, 2015 which portrayed a loss of Rs. 424,842 and loss per share 0.43 basic and diluted and consolidated un-audited interim profit and loss account for the Quarter ended September 30, 2015 which portrayed a loss of Rs. 692,258 and loss per share 0.71 basic and diluted.

Further, nil payment of cash dividend, bonus shares and right shares was agreed.

Byco Petroleum Pakistan Limited was incorporated in Pakistan as a public limited company on January 9, 1995. The foundations of the company are laid under the Companies Ordinance, 1984. The certificate of commencement of business was awarded to the company on March 13, 1995. Byco Oil Pakistan Limited is the parent company and holds 82.27% shares in the company. It is a wholly owned subsidiary of Byco Industries Incorporated, Mauritius which acts as the ultimate parent company. The company is principally engaged in the production, marketing and sale of petroleum products. The shares of the company are listed on Karachi, Lahore and Islamabad Stock Exchanges of Pakistan. The registered office is situated at Karachi.

The company operates using two major activities namely Oil Refinery Business and Petroleum Marketing Business. Crude oil refining business commenced in 2004 with a rated capacity of 35,000 barrels per day. It is engaged in the business of refining crude oil into various saleable components including Liquefied Petroleum Gas, Light Naphtha, Heavy Naphtha, High Octane Blending Component, Motor Gasoline, Kerosene, Jet Fuels, High Speed Diesel and Furnace Oil. The Oil Refinery is located at Hub, Balochistan. Petroleum Marketing Business was launched in 2007 and comprises 231 retail outlets across the country. The wholly owned subsidiary of the company is Byco Terminal Pakistan Limited incorporated in Pakistan as a private limited company on June 14, 2002.

The symbol “BYCO” is being used by the stock exchanges for the shares of Byco Petroleum Pakistan Limited.