APL’s net profits shrink by 20%

MG News | October 16, 2019 at 11:19 AM GMT+05:00

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October 16, 2019 (MLN): Attock Petroleum Limited (APL) has announced its financial results for the quarter ended September 30th 2019. As per the results, the company has witnessed the decline in its net earnings by 20% to Rs. 1.2 billion against the earnings of same period last year.

During the period, the company’s net revenues were up by 2.70%, but more than proportionate increase in the cost of sales (up by 3.67%) made the gross profits decreased by 18.02% from Rs. 2.5 billion to Rs. 2.1 billion. Therefore, the gross margin shrunk by 0.77 percent points.

More notably, the company’s other income and net finance-income soared by 27% and 68% respectively, YoY. On the other hand, the company incurred net impairment losses of Rs. 73 million on financial assets.

Moreover, APL’s basic and diluted earnings per share have been reported at Rs.12.31 per share while those recorded last year were Rs.15.55 per share.

Profit and Loss Account for the Quarter Ended September 30, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Sales	69,318,339	67,342,077	2.93%
Sales tax and other govt levies	(10,110,257)	(9,691,499)	4.32%
Net sales	59,208,082	57,650,578	2.70%
Cost of products sold	(57,107,729)	(55,088,581)	3.67%
Gross profit	2,100,353	2,561,997	-18.02%
Other income	293,234	229,165	27.96%
Net impairment losses on financial assets	(73,783)	-	-
Operating expenses	(557,886)	(689,378)	-19.07%
Operating Profit	1,761,918	2,101,784	-16.17%
Finance income	516,108	316,679
Finance costs	(290,466)	(182,409)
Net finance income	225,642	134,270	68.05%
Share of loss/profit of associated companies	(133,626)	1,608
Other charges	(99,378)	(113,132)	-12.16%
Profit before taxation	1,754,556	2,124,530	-17.41%
Provision for income tax	(529,342)	(577,000)	-8.26%
Profit for the year	1,225,214	1,547,530	-20.83%
Earnings per share - basic and diluted (Rupees)	12.31	15.55

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