Attock Petroleum’s bottom-line earnings slither by 44%
MG News | April 12, 2019 at 10:32 AM GMT+05:00
April 12, 2019 (MLN): Attock Petroleum Limited has issued its financial earnings result for the nine months ended March 31, 2019, as per which the company has earned net profits of Rs. 2.3 billion (EPS: Rs. 23.99), i.e. almost 44% lower as compared to the same period last year.
The company’s net sales revenue grew by around 35% on the back of massive increase in product prices. On the other hand, the cost of sales surged by 39% which ultimately resulted in Gross margins being pulled down by 28%.
However, the company gained respite from taxation expense, which exhibited a decline of 40% in the period under review.
Evidently, the company performed below market expectations, as various renowned research houses expected the decline in Profit after Tax to be within the range of 20-23%, whereas the actual decline in PAT is 44%.
| Profit and loss account for the nine months ended March 31 2019 (Rupees'000) | |||
|---|---|---|---|
|
| Mar-19 | Mar-18 | % Change |
| Sales | 188,526,467 | 149,812,357 | 25.84% |
| Sales tax | -24,078,182 | -28,063,534 | -14.20% |
| NET SALES | 164,448,285 | 121,748,823 | 35.07% |
| Cost of products sold | -159,559,281 | -114,878,696 | 38.89% |
| GROSS PROFIT | 4,889,004 | 6,870,127 | -28.84% |
| Other income | 712,057 | 604,179 | 17.86% |
| Operating expenses | -2,440,950 | -1,885,249 | 29.48% |
| OPERATING PROFIT | 3,160,111 | 5,589,057 | -43.46% |
| Finance income | 1,084,734 | 943,214 | 15.00% |
| Finance costs | -626,523 | -412,498 | 51.89% |
| Net finance income | 458,211 | 530,716 | -13.66% |
| Share of (loss) / profit of associated companies | -62,341 | 100,290 | -162.16% |
| Other charges | -181,316 | -307,318 | -41.00% |
| PROFIT BEFORE TAXATION | 3,374,665 | 5,912,745 | -42.93% |
| Provision for income tax | -987,000 | -1,649,000 | -40.15% |
| PROFIT FOR THE PERIOD | 2,387,665 | 4,263,745 | -44.00% |
| Earnings per share- Basic and diluted (Rupees) | 23.99 | 42.84 | -44.00% |
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