Karachi: Hascol Petroleum Limited announced its financial results for the half year ended June 30, 2024, with the Board of Directors confirming a continued loss and no dividend issued to shareholders. The announcement was made during a board meeting held at the company's corporate office.

In the detailed financial breakdown, Hascol Petroleum reported a net sales revenue of PKR 65,310.79 million for the half year, down from PKR 88,781.95 million in the same period in 2023. The gross profit for the half year stood at PKR 1,701.64 million, significantly lower than the PKR 4,139.39 million recorded the previous year. According to information available from the Pakistan Stock Exchange (PSX), this decline is reflective of the broader challenges facing the petroleum sector.

The company also incurred substantial operating expenses totaling PKR 2,359.53 million, coupled with finance costs of PKR 5,066.40 million. These costs led to an overall loss before income tax of PKR 4,848.84 million for the period.

Other income contributed PKR 863.92 million, providing some relief against the losses. Nevertheless, the substantial finance costs and operational expenditures overshadowed these gains, culminating in a net loss of PKR 4,848.84 million for the period, equating to a loss per share of PKR 4.85.

The report emphasized the ongoing challenges faced by Hascol Petroleum in the volatile oil market, highlighting the need for strategic adjustments to navigate the current economic conditions. The quarterly report of the company will be transmitted through PUCARS separately, within the specified time.