BYCO reports losses of Rs 216.7 million for 1HFY19

By MG News | February 25, 2019 at 04:15 PM GMT+05:00

0:00

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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	131,949.07 198.95M	0.97% 1262.41
ALLSHR	82,069.26 730.83M	0.94% 764.01
KSE30	40,387.76 80.88M	1.11% 442.31
KMI30	191,376.82 77.76M	0.36% 678.77
KMIALLSHR	55,193.97 350.11M	0.22% 119.82
BKTi	35,828.25 28.42M	3.64% 1259.85
OGTi	28,446.34 6.84M	-1.02% -293.01

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	108,125.00	110,525.00 107,865.00	-2290.00 -2.07%
BRENT CRUDE	68.51	68.89 67.75	-0.29 -0.42%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	0.75 0.78%
ROTTERDAM COAL MONTHLY	106.00	106.00 105.85	-2.20 -2.03%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	66.50	67.18 66.04	-0.50 -0.75%
SUGAR #11 WORLD	16.37	16.40 15.44	0.79 5.07%