BYCO: Improved gross margin leads to earnings turnaround

MG News | April 27, 2021 at 11:08 PM GMT+05:00

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April 27, 2021 (MLN): In 9MFY21, Byco Petroleum Limited (BYCO) has reported a net profit of Rs 1.67 billion (EPS: Rs 0.31), a remarkable turnaround from nine months of last fiscal year when it suffered a net loss of Rs 3.02 billion (LPS: Rs 0.57).

The upturn in earnings was led by the higher gross margin.

Despite a 30% YoY decline in the company’s net revenues, the gross margins improved to 5% from 0.45% in SPLY on the back of lower cost of sales that plunged by 33% YoY during 9MFY21.

With regards to major expense heads, the company encountered a 2.5% YoY rise in its administrative expenses. Moreover, distribution and marketing expenses and other expenses also saw an 18.3% and 22%, YoY increase during the said period.

However, finance cost witnessed a drop by 36% YoY mainly due to the low interest rates that contributed to the financial performance of the company.

Consolidated Profit and Loss Account for the nine months ended March 31, 2021 ('000 Rupees)
	Mar-21	Mar-20	% Change
Gross turnover	150,145,868	192,100,330	-21.84%
Sales tax, discount & other duties	(48,818,014)	(47,661,584)	2.43%
Turnover - net	101,327,854	144,438,746	-29.85%
Cost of sales	(96,518,180)	(143,787,005)	-32.87%
Gross profit/ (loss)	4,809,674	651,741	637.97%
Administrative expenses	(746,983)	(728,924)	2.48%
Selling and distribution expenses	(397,502)	(336,117)	18.26%
Other expenses	(1,100,109)	(904,226)	21.66%
Other income	810,252	1,011,257	-19.88%
	(1,434,342)	(958,010)	49.72%
Operating profit/ (loss)	3,375,332	(306,269)	-
Finance cost	(1,861,714)	(2,914,195)	-36.12%
Profit/ (loss) before taxation	1,513,618	(3,220,464)	-
Taxation	160,683	195,827	-17.95%
Profit/ (loss) after taxation	1,674,301	(3,024,637)	-
Earnings/ (loss) per share - basic and diluted (rupees)	0.31	(0.57)	-

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