HASCOL's losses narrow 75% to Rs1.74bn

MG News | August 01, 2024 at 12:14 PM GMT+05:00

0:00

August 01, 2024 (MLN): Hascol Petroleum Limited (PSX: HASCOL) revealed its financial statements for the first quarter of 2024, wherein the loss after tax narrowed 75.5% YoY to Rs1.74 billion [LPS: Rs1.74].

That compares with a loss of Rs7.09bn [LPS: Rs7.1] incurred in the same period last year (SPLY).

Going by the results, the company's top line shrank 14.2% YoY to Rs27.53bn as compared to Rs32.08bn in SPLY.

The cost of sales fell by 10.4% YoY but was higher than proportionate to sales decline, which worsened the gross profit by 63.5% YoY to Rs839.28m in Q1 2024.

The gross margins worsened to 3.0% as compared to 7.2% in SPLY.

During the period under review, other income expanded by 695.2% YoY to stand at Rs790.26m in Q1 2024 as compared to Rs99.38m in SPLY.

On the expense side, the company's administrative expenses rose 6.5% YoY to Rs240.36m, and selling and distribution expenses rose 6.5% YoY to Rs883.02m.

The company’s finance cost soared by 4.7% YoY and stood at Rs2.51bn as compared to Rs2.4bn in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs137.46m against the Rs134.57m paid in the corresponding period of last year, depicting a rise of 2.1% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 30, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	27,526,122	32,082,816	-14.20%
Cost of sales	(26,686,847)	(29,784,979)	-10.40%
Gross Profit/ (loss)	839,275	2,297,837	-63.48%
Administrative Expenses	(240,363)	(225,650)	6.52%
Selling And Distribution Expenses	(883,022)	(828,971)	6.52%
Other Gains / (Losses)	411,915	(5,900,162)	-
Other Income	790,261	99,381	695.18%
Other Operating Expenses	(5,798)	0	-
Finance Cost	(2,513,920)	(2,400,736)	4.71%
Profit/ (loss) before taxation	(1,601,652)	(6,958,301)	-76.98%
Taxation	(137,455)	(134,569)	2.14%
Net profit/ (loss) for the period	(1,739,107)	(7,092,870)	-75.48%
Basic earnings/ (loss) per share	(1.74)	(7.10)	-

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	187,033.27 703.36M	-0.84% -1588.52
ALLSHR	112,355.64 1,322.41M	-0.80% -909.82
KSE30	57,253.65 170.47M	-0.83% -477.72
KMI30	264,339.24 259.66M	-0.84% -2232.30
KMIALLSHR	72,280.61 865.86M	-0.69% -504.24
BKTi	53,720.25 43.65M	-1.13% -611.48
OGTi	39,202.65 25.16M	0.13% 50.73

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	87,795.00	90,600.00 87,270.00	-1870.00 -2.09%
BRENT CRUDE	64.88	65.41 63.61	-0.04 -0.06%
RICHARDS BAY COAL MONTHLY	86.75	0.00 0.00	-1.85 -2.09%
ROTTERDAM COAL MONTHLY	98.75	98.75 98.50	0.90 0.92%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
CRUDE OIL - WTI	60.29	60.89 59.22	-0.07 -0.12%
SUGAR #11 WORLD	14.75	14.90 14.66	0.03 0.20%