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

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

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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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