KARACHI: Profitability of Pakistan State Oil Company Ltd (PSO)dropped90percentyear-onyear in July-September to Rs1.2 billion, a stock notice showed on Friday.

The company`s revenue was Rs862bn in the quarter under review, up 88pc from a year ago.According to Arif Habib Ltd, the jump in sales was due to higher prices of petroleum products.

However, the overall sale volumes witnessed a decline of 22pc to 2.36 million tonnes in the first quarter of 2022-23.

On a sequential basis, net sales dropped 4pc on account of the rainfall and flash floods across the country.

The company booked effectivetaxation at 70pc in the three-month period versus 33pc a year ago. The increase is reRective of the super tax of 4pc levied on profit-beforetax for the first quarter of 2022-23.

Meanwhile, National Bank of Pakistan reported its earnings for July-September clocked in at Rs7bn, down 7pc from a year ago.

However, the net income figure was 179pc higher on a quarter-onquarter basis.