HASCOL’s losses contract by 42% during 1HCY20
MG News | March 11, 2021 at 12:38 PM GMT+05:00
March 11, 2021 (MLN): Hascol Petroleum Limited has incurred losses of Rs. 17.26 billion (LPS: 18.15) for the half-year ended June 30, 2020, i.e. nearly 42% lower than the losses recorded during the same period of last year.
The company reported a nearly 31% decline in revenue on account of lower volumetric sale. Despite a 28.8% decline in cost of sales, the gross losses of the company increased by 81x.
Further strain on earnings was exerted by a 9x increase in impairment losses, coupled with a 13.4% increase in administrative expenses. However, the company got some respite from a 99% reduction in other expenses as well as a 68% increase in non-core income.
The company also saw a 32% increase in its finance costs, and paid taxes of Rs. 687 million as opposed to tax credit of Rs. 3.66 billion recorded during SPLY.
|
Consolidated Profit and Loss Account for the half year ended June 30, 2020 ('000 Rupees) |
|||
|---|---|---|---|
|
Jun-20 |
Jun-19 |
% Change |
|
|
Sales - net |
69,579,165 |
100,586,150 |
-30.83% |
|
Sales tax |
(10,465,804) |
(14,551,988) |
-28.08% |
|
Net sales |
59,113,361 |
86,034,162 |
-31.29% |
|
Other revenue |
220,439 |
145,115 |
51.91% |
|
Net revenue |
59,333,800 |
86,179,277 |
-31.15% |
|
Cost of products sold |
(61,383,328) |
(86,204,375) |
-28.79% |
|
Gross loss |
(2,049,528) |
(25,098) |
8066.10% |
|
Distribution and marketing |
(1,475,904) |
(1,845,776) |
-20.04% |
|
Administrative |
(622,750) |
(549,057) |
13.42% |
|
Impairment losses on financial assets |
(7,603,868) |
(838,373) |
806.98% |
|
Other expenses |
(58,590) |
(6,326,849) |
-99.07% |
|
Other income |
328,102 |
195,274 |
68.02% |
|
Operating loss |
(11,482,538) |
(9,389,879) |
22.29% |
|
Finance cost |
(3,717,353) |
(2,807,655) |
32.40% |
|
Exchange loss - net |
(2,096,874) |
(3,288,837) |
-36.24% |
|
Share of profit/(loss) from associate |
32,937 |
30,556 |
7.79% |
|
Loss before taxation |
(17,263,828) |
(15,455,815) |
11.70% |
|
Taxation |
(687,571) |
3,667,368 |
|
|
Loss for the period |
(17,951,399) |
(11,788,447) |
52.28% |
|
Loss per share - basic and diluted (Rupees) |
(18.15) |
(31.23) |
-41.88% |
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