April 27, 2021 (MLN): In 9MFY21, Byco Petroleum Limited (BYCO) has reported a net profit of Rs 1.67 billion (EPS: Rs 0.31), a remarkable turnaround from nine months of last fiscal year when it suffered a net loss of Rs 3.02 billion (LPS: Rs 0.57).
The upturn in earnings was led by the higher gross margin.
Despite a 30% YoY decline in the company’s net revenues, the gross margins improved to 5% from 0.45% in SPLY on the back of lower cost of sales that plunged by 33% YoY during 9MFY21.
With regards to major expense heads, the company encountered a 2.5% YoY rise in its administrative expenses. Moreover, distribution and marketing expenses and other expenses also saw an 18.3% and 22%, YoY increase during the said period.
However, finance cost witnessed a drop by 36% YoY mainly due to the low interest rates that contributed to the financial performance of the company.
|
Consolidated Profit and Loss Account for the nine months ended March 31, 2021 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Mar-21 |
Mar-20 |
% Change |
|
Gross turnover |
150,145,868 |
192,100,330 |
-21.84% |
|
Sales tax, discount & other duties |
(48,818,014) |
(47,661,584) |
2.43% |
|
Turnover – net |
101,327,854 |
144,438,746 |
-29.85% |
|
Cost of sales |
(96,518,180) |
(143,787,005) |
-32.87% |
|
Gross profit/ (loss) |
4,809,674 |
651,741 |
637.97% |
|
Administrative expenses |
(746,983) |
(728,924) |
2.48% |
|
Selling and distribution expenses |
(397,502) |
(336,117) |
18.26% |
|
Other expenses |
(1,100,109) |
(904,226) |
21.66% |
|
Other income |
810,252 |
1,011,257 |
-19.88% |
|
|
(1,434,342) |
(958,010) |
49.72% |
|
Operating profit/ (loss) |
3,375,332 |
(306,269) |
– |
|
Finance cost |
(1,861,714) |
(2,914,195) |
-36.12% |
|
Profit/ (loss) before taxation |
1,513,618 |
(3,220,464) |
– |
|
Taxation |
160,683 |
195,827 |
-17.95% |
|
Profit/ (loss) after taxation |
1,674,301 |
(3,024,637) |
– |
|
Earnings/ (loss) per share – basic and diluted (rupees) |
0.31 |
(0.57) |
– |
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