Hascol incurs Rs3bn loss in a quarter

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MG News | October 02, 2024 at 01:18 PM GMT+05:00

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October 02, 2024 (MLN): Hascol Petroleum Limited (PSX: HASCOL) incurred a loss after tax of Rs3.05 billion [LPS: Rs3.05] during the quarter ending June 2024, compared to a loss  of Rs3.24bn [LPS: Rs3.24] in the same period last year (SPLY).

Going by the results, the company's revenue shrank 34.0% to Rs36.99bn in the second quarter of its financial year 2024, as compared to Rs56.06bn in SPLY.

The cost of sales also fell 33.3%, but was less than proportionate to sales decline, worsening the gross profit by 56.1% to Rs735.46m in Q2 FY24.

The gross margins fell to 2.0% as compared to 3.0% in SPLY.

The company’s finance cost dipped by 3.3% and stood at Rs2.55bn as compared to Rs2.64bn in SPLY.

On the tax front, the company paid a lower tax worth Rs186.76m against the Rs225.78m paid in the corresponding period of last year, depicting a decrease of 17.3%.

This translates to an effective tax rate of 6.5% as compared to 7.5% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
  Jun 24 Jun 23 % Change
Sales 36,985,492 56,057,833 -34.02%
Cost of sales (36,250,034) (54,383,443) -33.34%
Gross Profit/ (loss) 735,458 1,674,390 -56.08%
Administrative Expenses (223,269) (223,843) -0.26%
Selling And Distribution Expenses (820,225) (822,334) -0.26%
Other Gains / (Losses) (71,609) (346,616) -79.34%
Other Income 67,485 (19,294) -
Other Operating Expenses - (633,919) -
Finance Cost (2,552,381) (2,638,099) -3.25%
Profit/ (loss) before taxation (2,864,541) (3,009,715) -4.82%
Taxation (186,760) (225,781) -17.28%
Net profit/ (loss) for the period (3,051,301) (3,235,496) -5.69%
Basic earnings/ (loss) per share (3.05) (3.24) -

Amount in thousand except for EPS

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