Attock Refinery’s losses shrink by 42% YoY in 9MFY20
MG News | April 23, 2020 at 04:36 PM GMT+05:00
April 23, 2020 (MLN): Attock Refinery Limited has reported net losses of Rs.1.77 billion for the nine-months ended March 31, 2020, declined by 42.43% YoY when compared to net losses of Rs 3.07 billion of the corresponding period last year.
This has translated into loss per share which clocked in at Rs 16.61 against Rs 28.84 in the aforementioned period.
As per the financial statement issued by the refinery to PSX, ATRL’s sales revenue was down nearly by 16% YoY which caused gross loss to increase by around 16% YoY to Rs 3.52 billion. However, the cost of sales of company dropped by 16% YoY.
During the period under review, administrative costs increased by 22% YoY. On the other hand, other income jumped by 8.5% YoY to stand at Rs 2.21 billion.
Meanwhile, the significant drop in finance cost and tax expenses by 74% YoY and 31.5% YoY respectively shrank the net losses of the company.
| Profit and loss account for the nine months ended March 31st, 2020 ('000 Rupees) | |||
|---|---|---|---|
|
| Mar-20 | Mar-19 | % Change |
| Gross sales | 152,463,191 | 170,709,760 | -10.69% |
| Taxes, duties, levies and price differential | (43,244,805) | (39,851,370) | 8.52% |
| Net sales | 109,218,386 | 130,858,390 | -16.54% |
| Cost of sales | (112,742,186) | (133,884,086) | -15.79% |
| Gross profit/(loss) | (3,523,800) | (3,025,696) | 16.46% |
| Administrative expenses | (633,023) | (517,100) | 22.42% |
| Distribution cost | (34,400) | (35,589) | -3.34% |
| Other charges | - | - |
|
| Other income | 2,215,400 | 2,042,090 | 8.49% |
| Impairment loss on financial assets | (191,104) | - | - |
| Operating profit/(loss) | (2,166,927) | (1,536,295) | 41.05% |
| Finance cost | (1,034,147) | (3,973,736) | -73.98% |
| Profit/(loss) before taxation from refinery operations | (3,201,074) | (5,510,031) | -41.90% |
| Taxation | 876,224 | 1,279,040 | -31.49% |
| Profit/(loss) after taxation from refinery operations | (2,324,850) | (4,230,991) | -45.05% |
| Income from Non-refinery operations less applicable charges and taxes | 554,475 | 1,155,866 | -52.03% |
| Loss after taxation | (1,770,375) | (3,075,125) | -42.43% |
| Earnings (loss) per share - basic and diluted (rupees): |
|
|
|
| Refinery operations | (21.81) | (39.68) | -45.04% |
| Non-refinery operations | 5.20 | 10.84 | -52.03% |
|
| (16.61) | (28.84) | -42.41% |
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