February 23, 2021 (MLN): Byco Petroleum has earned net profits of Rs 621.95 million (EPS: Rs 0.12/sh) during 1HFY21, compared to the corresponding period last year when a company incurred a loss of Rs 22 million (LPS: 0.004/sh).
During the period company’s net sales declined by 30.6% YoY despite, an uptick in local demand for Petroleum products after easing of lockdown and normalization of the economic activity in the country, The cost of sales also went down by 32% YoY as a result of which company managed to lift its gross margin to 4% from 2% in the same period of last year.
However, the impact of a decline in cost of sales was limited by an increase in operating expenses as the company’s admin expenses went up by 4% YoY, selling and distribution cost jumped by 26% YoY and its other expenses surged by 20% YoY.
Further strain was caused by a decline in other income of the company which suffered a fall of 26% YoY during the period.
|
Consolidated Profit and Loss Account for the Half Year ended December 31, 2020 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Dec-20 |
Dec-19 |
% Change |
|
Turnover – net |
65,654,271 |
94,636,217 |
-30.62% |
|
Cost of sales |
(62,823,241) |
(92,511,562) |
-32.09% |
|
Gross profit |
2,831,030 |
2,124,655 |
33.25% |
|
Administrative expenses |
(484,527) |
(466,970) |
3.76% |
|
Selling and distribution expenses |
(285,064) |
(226,758) |
25.71% |
|
Other expenses |
(728,548) |
(604,763) |
20.47% |
|
Other income |
512,719 |
694,432 |
-26.17% |
|
|
(985,420) |
(604,059) |
63.13% |
|
Operating profit/(Loss) |
1,845,610 |
1,520,596 |
21.37% |
|
Finance cost |
(1,322,699) |
(1,689,017) |
-21.69% |
|
Loss before taxation |
522,911 |
(168,421) |
-410.48% |
|
Taxation |
99,043 |
146,306 |
-32.30% |
|
Profit after taxation |
621,954 |
(22,115) |
|
|
Loss per ordinary share – basic and diluted (rupees) |
0.120 |
0.004 |
|
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