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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