Attock Refinery Limited (ARL) conducted their Board of directors meeting on August 14th 2018 to discuss the financial earnings for the year ended June 30th 2018.
According to the financial earnings report issued to PSX, as compared to the year ended June 30th 2017, ARL's Gross Sales increased by 28% while Net sales increased by 27%.
Since Cost of Sales went up by 34%, ARL reported a Gross Loss worth Rs.1.1 billion
On the other hand, Other income increased by 37.8%, yet the operating profits dropped by 93.7%.
Finance cost rose by 131.6%, whereas Income from non-refinery operations came down by 35%, therefore leading to an overall drop of 81% in annual profits.
ARL further reported Earnings per Share at Rs.16.28 per share, 81% down from Rs.86.93 per share last year.
|
Profit and Loss Account for the Year ended June 30th 2018 ('000 Rupees) |
|||
|
|
Jun-18 |
Jun-17 |
% Change |
|
Gross sales |
179,430,555 |
139,515,951 |
28.61% |
|
Taxes, duties, levies and price differential |
(49,833,990) |
(38,104,159) |
30.78% |
|
Net sales |
129,596,565 |
101,411,792 |
27.79% |
|
Cost of sales |
(130,675,227) |
(97,078,919) |
34.61% |
|
Gross profit/(loss) |
(1,078,662) |
4,332,873 |
|
|
Administrative expenses |
645,120 |
595,023 |
8.42% |
|
Distribution cost |
50,156 |
49,047 |
2.26% |
|
Other charges |
(106,271) |
202,660 |
|
|
Other income |
1,977,477 |
1,434,222 |
37.88% |
|
Operating profit/(loss) |
309,810 |
4,920,365 |
-93.70% |
|
Finance cost |
(2,925,299) |
(1,263,141) |
131.59% |
|
Profit/(loss) before taxation from refinery operations |
(2,615,489) |
3,657,224 |
|
|
Taxation |
1,602,931 |
42,111 |
3706.44% |
|
Profit/(loss) after taxation from refinery operations |
(1,012,558) |
3,699,335 |
|
|
Income from non-refinery operations |
2,401,306 |
3,715,479 |
-35.37% |
|
Profit for the year |
1,388,748 |
7,414,814 |
-81.27% |
|
Earnings per share – basic and diluted (rupees) |
16.28 |
86.93 |
-81.27% |
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