Pakistan State Oil Profit Falls 32% as Clients Delay Payments
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Pakistan State Oil Ltd., the nation’s biggest fuel retailer, posted a 32 percent decline in third-quarter profit as some customers delayed payment of dues.
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.