HASCOL reports 84% decline in annual profits

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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Posted on: 2019-04-03T17:10:00+05:00

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