BYCO incurs losses worth Rs 2.2 billion

MG News | September 24, 2019 at 04:37 PM GMT+05:00

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September 24, 2019 (MLN): BYCO Petroleum has announced its consolidated financial results for the year ended June 30^th 2019, as per which, it has incurred losses worth Rs. 2.2 billion (LPS: Rs.0.43), as compared to the profits earned in last year.

During the period, the company’s net revenues were up by 18.97%, but more than proportionate increase in the cost of sales made the gross profits decline by 85%.

However, the company’s other expenses declined by around 44.22%, from Rs.1.3 billion to Rs.742 million, YoY, whereas other income lessened the impact of it by an increase of 38.71%. More notably, the company got tax incentive of Rs.705 million in the aforementioned period.

Consolidated Profit and Loss Account for the year ended June 30, 2019 ('000 Rupees)
	Jun-19	Jun-18	% Change
Turnover - net	197,830,720	166,290,362	18.97%
Cost of sales	(196,627,252)	(158,050,618)	24.41%
Gross profit	1,203,468	8,239,744	-85.39%
Administrative expenses	(908,501)	(832,208)	9.17%
Selling and distribution expenses	(497,889)	(405,365)	22.82%
Other expenses	(742,615)	(1,331,337)	-44.22%
Other income	1,017,536	1,660,086	-38.71%
	(1,131,469)	(908,824)	24.50%
Operating profit	71,999	7,330,920	-99.02%
Finance cost	(3,069,557)	(2,878,071)	6.65%
Profit before taxation	(2,997,558)	4,452,849
Taxation	705,936	(151,781)
Profit after taxation	(2,291,622)	4,301,068
Earnings per share - basic and diluted (rupees)	(0.43)	0.81

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