Attock Refinery manages to shrink half yearly losses by around 71% YoY

MG News | January 21, 2020 at 02:39 PM GMT+05:00

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January 21, 2020 (MLN): Attock Refinery Limited has announced its financial results for the half-year ended on December 31, 2019, wherein the company’s net losses for the period shrank significantly by 70.86% YoY to Rs 819.7 million from Rs 2.8 million recorded in the same period of last year.

This translated into Company’s loss per share which reduced to Rs 6.79 per share from Rs 26.39 per share.

The company, as per the financial statement issued, managed to cut down its losses mainly on the back of lower Costs of Sales and higher Other income realized. During the period, costs of sales declined by around 16% YoY to Rs 76.3 billion from Rs 91 billion whereas, other income surged by 26.2% from Rs 1.358 billion to Rs 1.7 billion.

Interestingly, the Company’s Finance cost witnessed a sharp decline of around 80% YoY to Rs 693.2 million from Rs 3.42 billion observed last year.

With regards to the company’s major expense head, Admin cost surged by 26% YoY whereas, Distribution cost remained stagnant.

Lastly, the decline in tax payment by around 60.4% YoY provided comfort to the earnings.

Consolidated profit and loss account for the Half Year ended December 31st 2019 ('000 Rupees)
	Dec-19	Dec-18	% Change
Gross sales	103,187,916	112,124,874	-7.97%
Taxes, duties, levies and price differential	(28,976,945)	(23,573,129)	22.92%
Net sales	74,210,971	88,551,745	-16.19%
Cost of sales	(76,348,579)	(91,060,031)	-16.16%
Gross profit/(loss)	(2,137,608)	(2,508,286)	-14.78%
Administrative expenses	(450,243)	(370,722)	21.45%
Distribution cost	(23,105)	(22,938)	0.73%
Other charges	(538)	(466)	15.45%
Other income	1,715,441	1,358,563	26.27%
Impairment loss on financial assets	(121,288)	-
Operating profit/(loss)	(1,017,341)	(1,543,849)
Finance cost	(693,237)	(3,421,637)	-79.74%
Profit/(loss) before taxation from refinery operations	(1,710,578)	(4,965,486)	-65.55%
Taxation	454,296	1,179,177	-61.47%
Profit/(loss) after taxation from refinery operations	(1,256,282)	(3,786,309)	-66.82%
Share in Profit of Associated companies	436,515	972,979	-55.14%
Profit/(loss) for the period	(819,767)	(2,813,330)	-70.86%
Earnings (loss) per share - basic and diluted (rupees):
Refinery operations	(11.78)	(35.52)
Non-refinery operations	4.09	9.13	-55.20%
	(7.69)	(26.39)	-70.86%

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