Attock Refinery posts a massive 72.6% decline in net losses for 1HFY21

January 27, 2021 (MLN): Attock Refinery Limited (ARL) has reported net losses of Rs 224 million for the 1HFY21 ended December 31, 2020, depicting a massive 72.6% YoY decline against a net loss of Rs 819 million of the corresponding period last year.

This has translated into a loss per share which clocked in at Rs 2.10 against the loss per share of Rs 7.69 in the aforementioned period.

During the period under review, the company bore a gross loss of Rs 1.22 billion which plunged by 43% YoY, which in turn resulted from a lower cost of sales ( down by 27.5% YoY ) despite a 27% YoY decline in net sales revenue.

On the cost front, the positive highlight is the decrease in its major expense heads as administrative cost came down by nearly 7.5% YoY to Rs 416 million during 1HFY21.

Despite the share of profit from the associated companies of Rs 622 million during the period under review, the other income went down by 44% YoY, hurting the financial stability of the company.

Meanwhile, the significant drop in finance cost by 43% YoY to Rs 397 million on the back of a lower interest rate regime shrank the net losses of the company.

Consolidated profit and loss account for the Half Year ended December 31st, 2020 ('000 Rupees)

 

Dec-20

Dec-19

% Change

Gross sales

 90,875,453

 103,187,916

-11.93%

Taxes, duties, levies and price differential

 (36,711,166)

 (28,976,945)

26.69%

Net sales

 54,164,287

 74,210,971

-27.01%

Cost of sales

 (55,380,933)

 (76,348,579)

-27.46%

Gross profit/(loss)

 (1,216,646)

 (2,137,608)

-43.08%

Administrative expenses

 (416,306)

 (450,243)

-7.54%

Distribution cost

 (21,245)

 (23,105)

-8.05%

Other charges

 (448)

 (538)

-16.73%

Other income

 958,641

 1,715,441

-44.12%

Impairment loss on financial assets

 (91,180)

 (121,288)

-24.82%

Operating loss

 (787,184)

 (1,017,341)

-22.62%

Finance cost

 (397,774)

 (693,237)

-42.62%

Loss before taxation from refinery operations

 (1,184,958)

 (1,710,578)

-30.73%

Taxation

 337,987

 454,296

-25.60%

Loss after taxation from refinery operations

 (846,971)

 (1,256,282)

-32.58%

Share in Profit of Associated companies

 622,189

 436,515

42.54%

Loss after taxation for the period

 (224,782)

 (819,767)

-72.58%

(Loss)/earnings per share – basic and diluted (rupees):

 

 

 

Refinery operations

 (7.94)

 (11.78)

-32.60%

Non-refinery operations

 5.84

 4.09

42.79%

Loss per share

 (2.10)

 (7.69)

-72.69%

 

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Posted on: 2021-01-27T13:49:00+05:00

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