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HomeEquityBYCO reports losses of Rs 216.7 million for 1HFY19

BYCO reports losses of Rs 216.7 million for 1HFY19

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

 

Copyright Mettis Link News

Posted on: 2019-02-25T16:15:00+05:00

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