Karachi: Pakistan State Oil (PSO) announced an above expected result for financial year 2011-12 on Wednesday as it booked profits of
Rs9.1bn (EPS of Rs52.80) in FY12 as against earnings of Rs14.8bn (EPS of Rs86.17) in FY11, down 39%YoY.
In 4Q alone, earnings clocked in at Rs0.48/share vs. consensus expectation of a loss per share of ~Rs5/share. The likely reasons for above anticipated earnings are lower than expected inventory and exchange losses in 4QFY12.
Other key highlights from the 4Q results are gross margin decreasing to 3.0% from 3.8% due to inventory losses and  increase in operating costs by 47%QoQ owing to exchange losses.
The company announced a final cash payout of Rs2.5/share, taking cumulative dividend in FY12 to Rs5.5/share. Alongside cash dividend, PSO also announced a surprise bonus issue of 20%.
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