BYCO reports massive reduction in net losses in 1HFY20

MG News | February 17, 2020 at 08:24 PM GMT+05:00

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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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