Attock Refinery Ltd disappoints yet again

MG News | July 29, 2019 at 03:29 PM GMT+05:00

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July 29, 2019 (MLN): Attock Refinery Limited has announced cumulative losses of Rs. 8.6 billion for the year ended June 30, 2019, as compared to profits of Rs. 1.3 billion last year. Moreover, it reported a Loss per share of Rs. 80.78 during the period, as opposed to Earnings per share of Rs. 13.03 last year.

According to the financial earnings report issued to Pakistan Stock Exchange, the company’s loss after taxation from refinery operations stood at Rs. 6.5 billion, i.e. around 5X higher than the losses of last year.

Similar to last year, the company’s cost of sales exceeded the net revenue, which resulted in a gross loss of Rs. 3.9 billion.

Other disappointing factors that contributed in the company’s dismal performance included surge in finance cost by 126%, as well as income tax expense by 40%.

Profit and loss account for the year ended June 30, 2019 (Rupees'000)
	June 30, 2019	June 30, 2018	% Change
Gross sales	231,395,851	179,501,046	28.91%
Taxes, duties, levies, discounts and price differential	-54,557,248	-49,833,990	9.48%
Net sales	176,838,603	129,667,056	36.38%
Cost of sales	-180,815,670	-130,675,227	38.37%
Gross loss	-3,977,067	-1,008,171	294.48%
Administration expenses	-738,603	-696,359	6.07%
Distribution cost	-52,019	-50,156	3.71%
Other charges	-6,614	105,901
Other income	2,782,176	1,978,355	40.63%
Impairment loss on financial asset	-140,683
Operating (loss) / profit	-2,132,810	329,570
Finance cost	-6,623,676	-2,925,299	126.43%
Loss before taxation from refinery operations	-8,756,486	-2,595,729	237.34%
Taxation	2,240,405	1,593,206	40.62%
Loss after taxation from refinery operations	-6,516,081	-1,002,523	549.97%
(Loss) / Profit after taxation from non-refinery operations
(Impairment) / reversal on investment in associated company	-1,913,702	178,420
Share in (loss) / profit of associated companies	-182,473	2,212,851
(Loss) / Profit for the year	-8,612,256	1,388,748
(Loss) / Earnings per share - basic and diluted (Rupees)	-80.78	13.03

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