Hascol posts Rs14.5bn loss in 2022, up by 91.52% YoY

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MG News | August 03, 2023 at 03:07 PM GMT+05:00

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August 03, 2023 (MLN): Hascol Petroleum Limited (PSX: HASCOL) experienced a significant rise of 91.52% YoY in its losses, incurring a substantial loss after tax of Rs14.5bn in 2022 compared to a loss of Rs7.57bn in 2021.

Going by the results, the company's top line went up by 12.73% YoY to Rs72.45bn in 2023 as compared to Rs64.27bn in SPLY.

The cost of sales rose by 11.22% YoY but was lesser than proportionate to sales decline, which improved the gross profit by 49.46% YoY to Rs3.48bn in 2022.

During the period under review, other income shrank by 89.31% YoY to stand at Rs476.01m in 2022 as compared to Rs4.45bn in SPLY.

On the expense side, the company observed a significant rise in distribution and marketing expenses by 28.12% YoY and administrative expenses by 4.64% YoY to clock in at Rs3.41bn and Rs1.25bn respectively during the review period.

While the other expenses were reduced by 86.71% YOY to stand at Rs191,239 in 2022 as compared to Rs1.44bn in SPLY.

HASCOL witnessed a significant exchange loss of Rs4.83bn in 2022, which rose by 2.87x YoY compared to Rs1.68bn in 2021.

The company’s finance costs rose by 25.28% YoY and stood at Rs8.41bn as compared to Rs6.71bn in 2022, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs381.14m against the Rs436.67m paid in the corresponding period of last year, depicting a rise of 12.72% YoY.

Consolidated  Financial Results for year ended 30 June, 2022  (Rupees in '000)
  June 22 June 21 % Change
Sales 72,453,473 64,269,714 12.73%
Other revenue 136,892 199,383 -31.34
Cost of sales (69,110,595) (62,140,895) 11.22%
Gross Profit 3,479,770 2,328,202 49.46%
Distribution and marketing Expenses (3,405,698) (2,658,154) 28.12%
Administrative expenses (1,252,010) (1,196,549) 4.64%
Share of loss from associate 11,632 7,112 63.55%
Exchange loss (4,829,461) (1,680,686) 187.35%
Other Income 476,014 4,454,133 -89.31%
Other expenses (191,239) (1,438,650) -86.71%
Finance cost (8,406,186) (6,709,864) 25.28%
Profit before taxation (14,117,178) (7,133,620) 97.90%
Taxation (381,143) (436,666) -12.72%
Net profit for the period (14,498,321) (7,570,286) 91.52%
Basic and diluted earnings/ (loss per share) (14.51) (7.58)  

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