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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