March 11, 2021 (MLN): Hascol Petroleum Limited has incurred losses of Rs. 17.26 billion (LPS: 18.15) for the half-year ended June 30, 2020, i.e. nearly 42% lower than the losses recorded during the same period of last year.
The company reported a nearly 31% decline in revenue on account of lower volumetric sale. Despite a 28.8% decline in cost of sales, the gross losses of the company increased by 81x.
Further strain on earnings was exerted by a 9x increase in impairment losses, coupled with a 13.4% increase in administrative expenses. However, the company got some respite from a 99% reduction in other expenses as well as a 68% increase in non-core income.
The company also saw a 32% increase in its finance costs, and paid taxes of Rs. 687 million as opposed to tax credit of Rs. 3.66 billion recorded during SPLY.
Consolidated Profit and Loss Account for the half year ended June 30, 2020 ('000 Rupees) |
|||
---|---|---|---|
Jun-20 |
Jun-19 |
% Change |
|
Sales – net |
69,579,165 |
100,586,150 |
-30.83% |
Sales tax |
(10,465,804) |
(14,551,988) |
-28.08% |
Net sales |
59,113,361 |
86,034,162 |
-31.29% |
Other revenue |
220,439 |
145,115 |
51.91% |
Net revenue |
59,333,800 |
86,179,277 |
-31.15% |
Cost of products sold |
(61,383,328) |
(86,204,375) |
-28.79% |
Gross loss |
(2,049,528) |
(25,098) |
8066.10% |
Distribution and marketing |
(1,475,904) |
(1,845,776) |
-20.04% |
Administrative |
(622,750) |
(549,057) |
13.42% |
Impairment losses on financial assets |
(7,603,868) |
(838,373) |
806.98% |
Other expenses |
(58,590) |
(6,326,849) |
-99.07% |
Other income |
328,102 |
195,274 |
68.02% |
Operating loss |
(11,482,538) |
(9,389,879) |
22.29% |
Finance cost |
(3,717,353) |
(2,807,655) |
32.40% |
Exchange loss – net |
(2,096,874) |
(3,288,837) |
-36.24% |
Share of profit/(loss) from associate |
32,937 |
30,556 |
7.79% |
Loss before taxation |
(17,263,828) |
(15,455,815) |
11.70% |
Taxation |
(687,571) |
3,667,368 |
|
Loss for the period |
(17,951,399) |
(11,788,447) |
52.28% |
Loss per share – basic and diluted (Rupees) |
(18.15) |
(31.23) |
-41.88% |
Copyright Mettis Link News
40158