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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