BYCO incurs losses worth Rs836mn in 1QFY22

MG News | October 28, 2021 at 05:16 PM GMT+05:00

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October 28, 2021 (MLN): Byco Petroleum Limited (BYCO) unveiled its financial statement for the first quarter of the fiscal year ended on September 30th, 2021, as per which the company observed a loss of Rs836 million (LPS: Rs 0.16), compared to the profit worth Rs286.29mn (EPS: Rs0.05) in 1QFY21.

The net revenues of the company showed a meager growth during the quarter, up by around 3% YoY to stand at Rs34.46 billion, whereas the cost of sales increased by 6% YoY, dragging the gross margins to 1.57% from 4.51% in the same period last year (SPLY).

With regards to major expense heads, the company encountered an 8.55% YoY rise in its administrative expenses whereas, the distribution and marketing expenses and other expenses dropped by 7% and 0.62%, respectively.

Similarly, the finance cost of the company declined by 13.8% YoY to clock in at Rs651.2mn in 1QFY22.

On the taxation side, the company paid 212.27mn during the review period, compared to the tax credit of Rs42.21mn in SPLY.

Consolidated Profit and Loss Account for the quarter ended September 30, 2021 ('000 Rupees)
	Sep-21	Sep-20	% Change
Turnover - net	34,458,628	33,498,503	2.87%
Cost of sales	(33,915,909)	(31,989,024)	6.02%
Gross profit	542,719	1,509,479	-64.05%
Administrative expenses	(269,670)	(248,424)	8.55%
Selling and distribution expenses	(137,941)	(148,351)	-7.02%
Other expenses	(355,767)	(358,056)	-0.64%
Other income	248,047	239,488	3.57%
	(515,331)	(515,343)	0.00%
Operating profit	27,388	994,136	-97.25%
Finance cost	(651,172)	(750,051)	-13.18%
Profit/ (Loss) before taxation	(623,784)	244,085	-355.56%
Taxation	(212,268)	42,205	-602.95%
Profit/ (Loss) after taxation	(836,052)	286,290	-392.03%
Earnings/ (Loss) per share - basic (rupees)	(0.16)	0.05	-

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