BYCO’s losses expands by 28% YoY in FY20

MG News | September 24, 2020 at 10:58 AM GMT+05:00

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September 24, 2020 (MLN): Byco Petroleum Pakistan Limited (BYCO) has unveiled its financial results for FY20, as per which company booked net losses of Rs 2.9 billion against the net loss of Rs 2.29 billion incurred in FY19, depicting a jump of 28% YoY.

This reflected in company’s loss per share which clocked in at Rs 0.55 per share compared to Rs 0.43 last year.

Due to very lean demand of oil in local market amid pandemic related lockdown, the company had to slowdown in 4QFY20 and finally put on cold circulation. This has caused company’s overall sales to plunge by 12% YoY in FY20.

The significant decline in gross profits by 79.4% YoY was due to higher exchange and inventory losses.

The operating expenses of the company did not increase by higher margins, however, its finance cost increased from Rs 3 billion to Rs 3.96 billion mainly due to surge in the interest rate during the year.

Consolidated Profit and Loss Account for the Year ended June 30, 2020 ('000 Rupees)
	Jun-20	Jun-19	% Change
Turnover - net	173,898,930	197,830,720	-12.10%
Cost of sales	(171,739,740)	(196,627,252)	-12.66%
Gross profit	2,159,190	1,203,468	79.41%
Administrative expenses	(934,232)	(908,501)	2.83%
Selling and distribution expenses	(578,186)	(497,889)	16.13%
Other expenses	(1,226,414)	(742,615)	65.15%
Other income	1,371,541	1,017,536	34.79%
	(1,367,291)	(1,131,469)	20.84%
Operating profit/(Loss)	791,899	71,999	999.87%
Finance cost	(3,960,395)	(3,069,557)	29.02%
Loss before taxation	(3,168,496)	(2,997,558)	5.70%
Taxation	233,230	705,936
Profit after taxation	(2,935,266)	(2,291,622)	28.09%
Loss per ordinary share - basic and diluted (rupees)	(0.550)	(0.43)	27.91%

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