Cost overrun drags ATRL's earnings towards losses

MG News | January 21, 2019 at 03:16 PM GMT+05:00

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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)	-27.86	12.10

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