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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