January 21, 2019 (MLN): Attock Refinery Limited has reported losses of Rs. 2.9 billion for the half year ended December 31, 2018, on account of increase in cost of sales by Rs. 36 billion, netting off the impact of increase in net sales.
The increase in finance cost by Rs 2.2 billion, along with presence of taxation of Rs. 1.1 billion also contributed in the losses incurred by the company.
The company reported losses per share for the six months ending December 31, 2018, at Rs. 27.86.
Profit and loss account for the six months ended December 31 2018 (Rupees'000)
Dec-18
Dec-17
% Change
Gross sales
112,084,367
79,231,718
41.46%
Taxes, duties, levies, discounts and price differential
-23,573,129
-23,794,820
-0.93%
Net sales
88,511,238
55,436,898
59.66%
Cost of sales
-91,060,031
-54,589,793
66.81%
Gross profit / (loss)
-2,548,793
847,105
Administration expenses
348,267
318,202
9.45%
Distribution cost
22,938
23,587
-2.75%
Other charges
–
20,849
Other income
1,353,235
977,529
38.43%
Operating profit / (loss)
-1,566,763
1,461,996
Finance cost
-3,421,637
-1,198,614
185.47%
Profit / (loss) before taxation from refinery operations
-4,988,400
263,382
Taxation
1,185,857
-98,154
Profit / (loss) after taxation from refinery operations
-3,802,543
165,228
Income from non-refinery operations less applicable charges and taxation
832,361
1,125,318
-26.03%
Profit / (loss) after taxation
-2,970,182
1,290,546
Earnings / (loss) per share -basic and diluted (Rupees)
