Hascol incurs Rs3bn loss in a quarter

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

0:00

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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	156,177.82 367.85M	-0.00% -3.12
ALLSHR	95,630.38 1,498.37M	-0.06% -60.44
KSE30	47,678.47 206.79M	-0.08% -35.92
KMI30	229,682.22 174.86M	-0.02% -39.87
KMIALLSHR	64,366.76 638.47M	-0.08% -53.31
BKTi	41,922.80 89.51M	-0.11% -46.72
OGTi	31,735.79 16.87M	-0.80% -255.97

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	116,950.00	117,295.00 116,115.00	1125.00 0.97%
BRENT CRUDE	67.53	68.01 67.50	-0.42 -0.62%
RICHARDS BAY COAL MONTHLY	84.00	0.00 0.00	-0.40 -0.47%
ROTTERDAM COAL MONTHLY	93.50	93.50 93.50	0.15 0.16%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	63.29	63.82 63.24	-0.76 -1.19%
SUGAR #11 WORLD	16.23	16.59 16.23	-0.33 -1.99%