BYCO reports massive reduction in net losses in 1HFY20
By MG News | February 17, 2020 at 08:24 PM GMT+05:00
February 17, 2020 (MLN): Byco Petroleum Limited (BYCO) has announced its consolidated financial results for the half-year ended December 31, 2019. As per results, the company has posted a net loss of Rs 22.11 million (LPS: Rs.0.004), which declined by 90% YoY against the net losses of Rs 216 million of the same period last year.
During the period, the company’s net revenues were down by 5.46% YoY, but more than a proportionate decrease in the cost of sales led to a massive increase in its gross profit by 97.66% YoY.
However, the company’s other expenses continued to be a burden on the results as it surged massively by around 70%YoY, from Rs 355 million to Rs. 604 million.
On the other hand, the other income rose by 14% YoY to Rs 694 million which kept the losses in check. The finance cost increased by 11.19% YoY, from Rs 1.52 billion to Rs 1.68 billion due to a substantial increase in interest rate.
| Consolidated Profit and Loss Account for the half-year ended December 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Dec-19 | Dec-18 | % Change |
| Gross turnover | 125,693,080 | 123,465,241 | 1.80% |
| Sales tax, discount & other duties | (31,056,863) | (23,365,885) | 32.92% |
| Turnover - net | 94,636,217 | 100,099,356 | -5.46% |
| Cost of sales | (92,511,562) | (99,024,449) | -6.58% |
| Gross profit | 2,124,655 | 1,074,907 | 97.66% |
| Administrative expenses | (466,970) | (430,532) | 8.46% |
| Selling and distribution expenses | (226,758) | (227,662) | -0.40% |
| Other expenses | (604,763) | (355,716) | 70.01% |
| Other income | 694,432 | 609,753 | 13.89% |
|
| (604,059) | (404,157) | 49.46% |
| Operating profit/(Loss) | 1,520,596 | 670,750 | 126.70% |
| Finance cost | (1,689,017) | (1,519,104) | 11.19% |
| Loss before taxation | (168,421) | (848,354) | -80.15% |
| Taxation |
|
|
|
| current | - | (21,494) | - |
| Prior | 47,263 | 554,051 | -91.47% |
| Deferred | 99,043 | 99,043 | 0.00% |
|
| 146,306.00 | 631,600.00 | -76.84% |
| Loss after taxation | (22,115) | (216,754) | -89.79% |
| Loss per ordinary share - basic and diluted (rupees) | (0.004) | (0.04) | -90% |
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