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

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.

Amount in thousand except for EPS

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