Attock Petroleum profits upsurge by 16.35% owing to improved topline earnings

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MG News | October 12, 2018 at 03:25 PM GMT+05:00

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October 12, 2018 (MLN): Attock Petroleum Limited’s profits for the quarter ended September 30th 2018 have escalated by 16.35%, owing to an improvement in the top-line earnings.

The company’s financial earnings for the quarter were reviewed earlier today during the Board of Directors meeting, where a comparison with the previous year’s earnings was drawn.

According to the report on company’s financial earnings issued by PSX, the overall sales witnessed a hike of around Rs.19 billion, exhibiting a growth of almost 50.02%.

Since the company’s cost of sales grew by an almost equal margin of 51.1%, the gross profits increased by only 30.02%.

The impact of decrease in net finance income by 39.72% and profits of associated companies by 97.61%, combined with an increase in other charges by 20.37% led to the Profit before taxation increasing by a mere 16.09%.

Nevertheless, the company’s annual profits increased from Rs.1.3 billion to Rs.1.5 billion during the quarter ended September 30th 2018.

Earnings per share went up by 16.39% as they increased from Rs.13.36 per share to Rs.15.55 per share.

Consolidated Profit and Loss account for the quarter ended September 30th 2018 ('000 Rupees)

 

30-Sep-18

30-Sep-17

% Change

Sales

67,310,275

48,245,823

39.52%

Sales tax

-9,504,398

-9,714,567

-2.16%

NET SALES

57,805,877

38,531,256

50.02%

Cost of products sold

-55,243,880

-36,560,824

51.10%

GROSS PROFIT

2,561,997

1,970,432

30.02%

Other income

229,165

206,026

11.23%

Operating expenses

-689,378

-542,576

27.06%

OPERATING PROFIT

2,101,784

1,633,882

28.64%

Finance income

316,679

345,163

-8.25%

Finance costs

-182,409

-122,422

49.00%

Net finance income

134,270

222,741

-39.72%

Share of profit of associated companies

1,608

67,378

-97.61%

Other charges

-113,132

-93,989

20.37%

PROFIT BEFORE TAXATION

2,124,530

1,830,012

16.09%

Provision for income tax

-577,000

-500,000

15.40%

PROFIT FOR THE PERIOD

1,547,530

1,330,012

16.35%

Earnings per share - Basic and diluted

15.55

13.36

16.39%

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