Pakistan State Oil Suffers 32% Fall in Profit on Delayed Client Payments

Bloomberg reported that Pakistan State Oil Ltd posted a 32% decline in its profits for the third quarter as power companies such as Kot Addu Power Co, Hub Power Co., and Karachi Electric Supply Co. delay payment of dues.

As quoted in the news:

Net income fell to 3 billion rupees ($30.5 million), or 12.32 rupees a share, in the three months ended March 31 from 4.4 billion rupees, or 17.78 rupees a share, a year earlier, the Karachi-based company said in a stock exchange filing today. Gross sales climbed 5 percent to 300.9 billion rupees.

Click here to read the full Bloomberg report.