Increa­se attrib­uted to massiv­e tax rebate; compan­y cites improv­ed operat­ional effici­encyKARACHI: Byco Petroleum’s consolidated profit surged fourfold to Rs1.40 billion in the year ended June 30, 2017 mainly due to receipt of a significant tax rebate, according to a bourse filing on Thursday. The integrated petroleum company had registered a profit of Rs386.32 million in the preceding year, showed its profit and loss account with the Pakistan Stock Exchange (PSX). The company got a tax rebate of Rs1.05 billion, which was 24% higher than the rebate of Rs854.52 million last year. Byco’s share price dropped 4.65%, or Rs0.57, to Rs11.69 with a volume of 2.59 million shares in Thursday’s session at the PSX. Turnover (net) increased 13% to Rs88.57 billion in FY17 from Rs78.35 billion in the previous year.

Source: The Express Tribune December 22, 2017 05:03 UTC