HASCOL's losses narrow 75% to Rs1.74bn
MG News | August 01, 2024 at 12:14 PM GMT+05:00
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
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