February 27, 2025 (MLN): Oilboy Energy Limited (PSX: OBOY) has reported a reduced net loss of Rs14 million for the half-year ended December 31, 2024, compared to a loss of Rs30mn in the corresponding period last year, reflecting a 54% improvement.The company reported a loss per share of Rs0.55, compared to Rs1.19 in the prior period, indicating a notable improvement in its earnings performance.The reduction in losses comes despite continued financial challenges, as the company recorded a substantial increase in sales revenue, rising 126% to Rs201.4mn from Rs89mn in 2023.The company’s cost of sales surged 121% to Rs201mn, closely mirroring revenue growth, resulting in a modest gross profit of Rs0.27mn.However, administrative expenses increased by 23.6% to Rs12.6mn, posing additional financial strain.Despite these rising costs, OBOY’s operating loss improved to Rs6mn from Rs12mn, demonstrating progress in cost management and revenue generation.A significant boost in other income, which soared to Rs6mn from Rs43,593, helped mitigate the company’s overall losses.Additionally, finance costs declined by 25% to Rs5mn, contributing to the improved financial position.Pre-tax losses stood at Rs12mn, marking a 36% reduction compared to Rs19mn in the previous year.Taxation expenses also declined significantly, dropping 84% to Rs1.7mn from Rs11mn, further easing the financial burden.Condensed interim statement of profit and loss (un-audited) for the half year ended December 31, 2024 (in Rupees)20242023%ChangeSales – net 201,459,348 89,240,879125.75%Cost of sales (201,185,189) (90,918,288)121.28%Gross profit / (loss) 274,159 (1,677,409) Administrative expenses (12,619,920) (10,205,561)23.66%Other income 6,211,195 43,59314148.15%Operating (loss) / profit (6,134,566) (11,922,872)-48.55%Finance costs (5,189,465) (6,949,012)-25.32%Loss before levy and taxation (11,324,031) (18,871,884)-40.00%Loss before taxation (12,009,973) (18,871,884)-36.36%Taxation (1,757,955) (10,986,894)-84.00%Loss after taxation (13,767,928) (29,858,778)-53.89%Loss per share – (basic and diluted) (0.55) (1.19) Copyright Mettis Link NewsPosted on: 2025-02-27T13:08:25+05:00The post Oilboy Energy powers up as losses shrink by 54% appeared first on Mettis Global Link.