Padma Oil’s profit jumps 50%

Padma Oil Company saw a big jump in its profit in the October-December period of 2022, buoyed by an increase in its non-operating income and higher sales volume.

The earnings of the state-run company surged 50 per cent year-on-year to Tk 8.92 per share in the second quarter of the current financial year from Tk 5.92 per share, the company said in a posting at the Dhaka Stock Exchange.

The overall earnings of Padma grew 38 per cent to Tk 16.13 per share in July-December of FY2022-23 from a year ago.

Padma's net operating cash flow per share, however, became negative in the first half of the year.

The company said cash flow has decreased due to an increase in payment to suppliers in respect of buying petroleum, oil and lubricants products.

Besides, an increase in inventories and due from affiliated companies have played a vital role in this regard, the company said.