Hascol incurs Rs3bn loss in a quarter
MG News | October 02, 2024 at 01:18 PM GMT+05:00
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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