Hascol incurs Rs3bn loss in a quarter

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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