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

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 30^th 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 30^th 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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