BYCO reports losses of Rs 216.7 million for 1HFY19
MG News | February 25, 2019 at 04:15 PM GMT+05:00
February 25, 2019 (MLN): BYCO Petroleum Limited has disclosed after-tax losses of Rs. 216 million for the half year ended December 31, 2018. The losses incurred can be attributed to substantial increase in the cost of sales by 70% and company’s distribution expenses by 34%.
During the six months, BYCO observed 60% increase in topline earnings (Rs.100 billion) but due to higher cost of sales its gross profit dropped by 75%.
Adding to the woes, company’s administrative expenses rose by 70% and sales tax by 27%, coupled with a 14% upswing in finance cost, which caused the company to bear a pre-tax loss worth Rs.848.3 million.
The loss per share (LPS) of the company for the said period was stated at Rs.0.04 per share.
| Consolidated Profit and Loss Account for the Six month ended December 2018 (Rs in '000') | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Gross sales | 123,465,241 | 81,032,855 | 52% |
| Sales tax, discount and others | (23,365,885) | (18,398,633) | 27% |
| Net sales | 100,099,356 | 62,634,222 | 60% |
| Cost of Sales | (99,024,449) | (58,308,419) | 70% |
| Gross profit! (Loss) | 1,074,907 | 4,325,803 | -75% |
| Administrative expenses | (430,532) | (403,878) | 7% |
| Selling and distribution expenses | (227,662) | (169,765) | 34% |
| Other expenses | (355,716) | (620,268) | -43% |
| Other income | 609,753 | 334,006 | 83% |
|
| (404,157) | (859,905) | -53% |
| Operating profit / (Loss) | 670,750 | 3,466 |
|
| Finance Costs | (1,519,104) | (1,334,494) | 14% |
| (Loss) / Profit before taxation | (848,354) | 2,131,404 | -140% |
| Taxation |
|
|
|
| - Current | (21,494) | (239,470) | -91% |
| - Prior | 554,051 | - |
|
| - Deferred | 99,043 | - |
|
|
| 631,600 | (239,470) |
|
| (Loss) / Profit after taxation | (216,754) | 1,891,934 |
|
| (Loss)/ Earnings per share basic and diluted (Rupees) | (0.04) | 0.35 |
|
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