HASCOL suffers Rs2.5bn loss in Q1FY25

October 31, 2024 (MLN): Hascol Petroleum Limited (PSX: HASCOL) recorded a decrease of 9.5% YoY in its quarterly losses, clocking in at Rs2.48 billion [LPS: Rs2.48], compared to the loss of Rs2.74bn [LPS: Rs2.72] reported in the same period last year (SPLY).

According to the profit and loss account, HASCOL suffered this loss despite its top line rising 8.8% to Rs39.47bn.

This was due to a proportionally higher increase in selling costs, which ultimately reduced gross profit by 6% to Rs1.27bn in Q1FY25.

As a result, gross margins declined to 3.2%, compared to 3.7% in the SPLY.

During the period under review, other income increased 1.2% to stand at Rs16.86m in Q1FY25 as compared to Rs16.66m in SPLY.

HASCOL's Administration expenses and Distribution and selling expenses both inched down during the quarter.

The company’s finance cost also deflated by 2.1% and stood at Rs2.64bn as compared to Rs2.7bn in SPLY.

The impairment loss on financial assets and exchange loss declined significantly by 97.31% and 97.66%, respectively.

However, the reduction in these losses, along with a modest increase in sales, helped reduce overall losses but was not sufficient to shift Hascol into profitability.

On the tax front, the company paid a minimum tax of Rs88.2m against the Rs153.22m paid in the corresponding period of last year, depicting a decrease of 42.4%.

Amount in thousand except for EPS

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