Hascol Petroleum Reports Narrowed Losses Amid Financial Restructuring Efforts

Karachi: The Directors of Hascol Petroleum Limited released a three-month financial report for the period ending March 31, 2024, showcasing a narrowed net loss compared to the same period last year. The company recorded net sales revenue of Rs. 27,466 million during this quarter.

The report detailed financial figures indicating a gross profit of Rs. 839.28 million, down from Rs. 2,279.84 million in the previous year. Operating profit stood at Rs. 478.94 million, a decrease from Rs. 1,342.60 million. Crucially, the loss after taxation significantly reduced to Rs. 1,739.11 million from a substantial Rs. 7,092.87 million in 2023.

According to information available from the Pakistan Stock Exchange (PSX), this reduction in losses is attributed to enhanced operational performance, a stable dollar rate in 2024, and improved exchange losses. However, the company continues to grapple with high interest and financial charges on overdue banking liabilities, alongside operational hurdles and unpaid non-banking creditors. These factors collectively pose significant challenges to Hascol’s profitability and growth.

In response to these challenges, Hascol Petroleum is undertaking a restructuring of its banking liabilities to improve operational efficiency and financial stability. This strategic move is aimed at positioning the company for future profitability and a stronger market presence.

The company also expressed gratitude towards its employees, customers, financial partners, suppliers, and other stakeholders for their continued support. Recognition was also given to the Government of Pakistan and various ministries for their guidance and assistance.

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