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) | |
Copyright Mettis Link News
Posted on: 2023-08-03T15:07:45+05:00
