Attock Refinery Ltd disappoints yet again

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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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