Attock Petroleum Ltd. today announced financial results for quarter and half year ending December, 31st 2017. Analyst and Research House expectations for bottom line profits for the half year ending December, 2017 to average at around Rs. 2.5 billion.
Company reported bottom line profits at around 2.810 billion down 10.9% from, above expectations. Analysts expected a decline in earnings primarily due to foreign exchange rate losses during second quarter of fiscal year 2018, as Rupee depreciated by nearly 4.5% during the month of December, 2017. However, the decline in earnings was expected to be offset by 12% – +9% year on year increase in MS/HSD sales and estimated inventory gains of PKR 149mn.
Net Sales for the period clocked in Rs. 76.345 billion against Rs. 61.495 billion from same period last year; up by 24.15%. Operating Expenses, Finance Costs took away more than Rs. 1.46 billion from bottom-line profits after a jump of 38.94% and 96. 37% was recorded in Op: Expenses and Finance Costs respectively.
APL reported an earnings per share of Rs. 33.88 – beating market expectations of Rs. 30 – down by 11% from same period last year.
Attock Petroleum Board approved an interim cash dividend for the six months at Rs. 15.00 per share i.e. 150%.
Unconsolidated Profit and Loss Account – For the Half Year Ended, December 2017 | |||
|---|---|---|---|
Key Financials | 2017 | 2016 | % Change |
Amounts in PKR ‘000 | |||
Sales | 94,864,901 | 76,354,202 | 24.24% |
Sales tax | 18,519,533 | 14,859,114 | 24.63% |
Net Sales | 76,345,368 | 61,495,088 | 24.15% |
Cost of products sold | 71,946,652 | 57,576,346 | 24.96% |
Gross profit | 4,398,716 | 3,918,742 | 12.25% |
Other income | 413,973 | 480,654 | -13.87% |
Operating expenses | 1,216,377 | 875,450 | 38.94% |
Operating profit | 3,596,312 | 3,523,946 | 2.05% |
Finance income | 654,268 | 558,341 | 17.18% |
Finance costs | 258,671 | 131,725 | 96.37% |
Net finance income | 385,597 | 426,616 | -9.61% |
Share of profit of associated companies | 101,490 | 67,736 | 49.83% |
Provision for/reversal of other charges | 200,925 | 462,698 | -56.58% |
Profit before taxation | 3,892,474 | 4,480,996 | -13.13% |
Provision for income tax | 1,082,000 | 1,324,070 | -18.28% |
Profit for the period | 2,810,474 | 3,156,070 | -10.95% |
EPS – Basic and diluted | 33.88 | 38.06 | -10.98% |
Company release on Earnings Report can be accessed here.
