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HomeEquityBYCO reports massive reduction in net losses in 1HFY20

BYCO reports massive reduction in net losses in 1HFY20

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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Posted on: 2020-02-17T20:24:00+05:00

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