<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Pakistan Refinery Limited (PRL) posted net earnings of Rs2bn
(EPS Rs3.2) during 2QFY24 versus loss of Rs0.3bn (loss per share of Rs0.4)
during same period last year.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The earnings remained much higher than our estimates. Though
detailed accounts are yet to released, our initial estimates suggest that PRL
operated at higher capacity in December (we estimated earnings based on
production numbers of Oct-Nov 2023).</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Moreover, PRL might have booked huge exchange gain during
2QFY24 owing to sharp appreciation of PKR versus the USD which more than offset
the impac...
