Pakistan Refinery Limited reports Rs1.24 billion loss in Q3

Pakistan Refinery Limited (PRL), a subsidiary of Pakistan State Oil Company Limited (PSO), reported a significant loss of Rs1.24 billion in the third quarter ending March 31, 2024. This financial downturn was primarily attributed to a decrease in revenue and rising costs, marking a notable contrast to the previous fiscal year's profit of Rs1.77 billion during the same quarter.

The announcement of the Rs1.24 billion loss was made following a board of directors meeting on April 23, with a notice sent to the Pakistan Stock Exchange (PSX) on Wednesday. In response to the financial challenges, the board of PRL decided not to recommend any dividend distribution.

This development underscores the impact of fluctuating market conditions on the oil and gas sector, highlighting the need for strategic financial management and cost control measures. PRL's performance in the current quarter serves as a reminder of the volatility inherent in the industry and the importance of adapting to changing economic landscapes.