HASCOL suffers heavy losses due to adverse economic challenges

MG News | August 29, 2019 at 03:07 PM GMT+05:00

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August 29, 2019 (MLN): Hascol Petroleum Limited has incurred losses of Rs. 11.1 billion (LPS: Rs. 56.09) for the half year period ended June 30, 2019. This performance is poles apart from the results announced in the same period of last year, wherein the company declared profits of Rs. 1 billion (EPS: Rs. 5.16)

The company’s performance was heavily dented by decline in net sales revenue by 29%, as well as increase in distribution and administrative expense by 79% and 23% respectively.

On top of that, the company paid income taxes of Rs. 3.5 billion during the said period, unlike in SPLY where it got tax relief of around Rs. 587 million.

In a separate notice to Pakistan Stock Exchange, the company disclosed that the disappointing performance during the stated period was a consequence of extreme economic challenges prevailing in the country.

Profit and loss account for the half year ended June 30, 2019 (Rupees'000)
	June, 2019	June, 2018	% Change
Sales - net	100,586,150	147,524,398	-31.82%
Less: sales tax	-14,551,988	-25,791,309	-43.58%
Net sales	86,034,162	121,733,089	-29.33%
Other revenue	388,590	374,569	3.74%
Net revenue	86,422,752	122,107,658	-29.22%
Cost of products sold	-86,314,966	-116,294,012	-25.78%
Gross profit	107,786	5,813,646	-98.15%
Distribution and marketing	-2,974,960	-1,660,693	79.14%
Administrative	-549,057	-446,125	23.07%
Other expense	-6,324,049
Other income	195,274	199,012	-1.88%
Operating (loss) / profit	-9,545,006	3,905,840
Finance cost	-2,650,019	-435,154	508.98%
Exchange loss - net	-2,479,818	-1,854,550	33.72%
(Loss) / profit before taxation	-14,674,843	1,616,136
Taxation	3,506,527	-587,951
(Loss) / profit for the period	-11,168,316	1,028,185
(Loss) / earnings per share - basic and diluted (Rs)	-56.09	5.16

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