BYCO reports massive reduction in net losses in 1HFY20

News Image

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

0:00

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%

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 138,597.36
256.32M
-0.05%
-68.14
ALLSHR 85,286.16
608.38M
-0.48%
-413.35
KSE30 42,340.81
77.13M
-0.03%
-12.33
KMI30 193,554.51
76.19M
-0.83%
-1627.52
KMIALLSHR 55,946.05
305.11M
-0.79%
-443.10
BKTi 38,197.97
16.53M
-0.59%
-225.01
OGTi 27,457.35
6.73M
-0.94%
-260.91
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,670.00 121,165.00
117,035.00
-1620.00
-1.36%
BRENT CRUDE 69.23 70.77
69.14
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.03 67.54
65.93
-0.20
-0.30%
SUGAR #11 WORLD 16.79 17.02
16.71
0.05
0.30%

Chart of the Day


Latest News
July 18, 2025 at 07:21 PM GMT+05:00

Pakistan strengthens UK trade links


July 18, 2025 at 05:36 PM GMT+05:00

Pakistan, China set to advance agricultural innovation


July 18, 2025 at 05:10 PM GMT+05:00

PSX Closing Bell: Riding High, Ending Low



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg