HASCOL reports 84% decline in annual profits

MG News | April 03, 2019 at 05:10 PM GMT+05:00

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April 3, 2019 (MLN): Hascol Petroleum Limited has stated net profits of Rs. 2.6 million for the year ended December 31, 2018, i.e. around 84% lower than the figures of previous year. This drastic decline in profits was attributable to substantial increase in the financial costs as well as exchange losses.

The company’s net sales revenue and cost of sales increased by almost the same margin i.e. 34%, which resulted in the gross profit margin increasing by 39%.

As mentioned above, the profits were dragged down majorly due to increase in finance costs by 127% and exchange loss by 390%, leading to a negative change in PBT.

Moreover, the company’s Earnings per share stood at Rs. 1.14, as compared to Rs. 8.11 in last year.

Profit and loss account for the year ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Sales - net	275,604,114	215,662,302	27.79%
Less: sales tax	-41,996,694	-41,923,129	0.18%
Net sales	233,607,420	173,739,173	34.46%
Other revenue	836,711	500,460	67.19%
Net revenue	234,444,131	174,239,633	34.55%
Cost of products sold	-224,167,482	-166,850,657	34.35%
Gross profit	10,276,649	7,388,976	39.08%
Distribution and marketing expense	-3,925,143	-2,666,666	47.19%
Administrative expenses	-883,587	-683,341	29.30%
Operating expenses	-4,808,730	-3,350,007	43.54%
Other income	527,342	417,481	26.32%
Operating profit	5,995,261	4,456,450	34.53%
Finance cost	-1,324,262	-582,785	127.23%
Other expenses	-116,694	-491,095	-76.24%
Exchange loss - net	-3,903,041	-795,773	390.47%
Share of loss in associate	-194	-1,255	-84.54%
Profit before taxation	651,070	2,585,542	-74.82%
Taxation	-444,739	-1,257,451	-64.63%
Profit for the year	206,331	1,328,091	-84.46%
Basic and diluted earnings/ (loss) per share	1.14	8.11	-85.94%

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