HASCOL’s losses contract by 42% during 1HCY20

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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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