HASCOL's profits grow regardless of soaring losses on exchange

MG News | October 26, 2018 at 04:28 PM GMT+05:00

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October 26, 2018 (MLN): Hascol Petroleum Limited (HASCOL) has reported its profits for the 3 quarters of current year at Rs.1.5 billion, up by 41% over the corresponding period of last year. The growth transpired despite vast increment in net exchange losses (+Rs. 2.3 billion).

HASCOL’s financial earnings report has shown that that while its net revenue grew by Rs.59.9 billion (+48%), its gross profits went up by Rs.3.8 billion (+85%) after accounting for the sales’ cost.

However, distribution and marketing expenses rose by Rs.864 million (+48%), while finance cost marked an increase of Rs.393.8 million (+101%).

Meanwhile, the heaviest decline came about as net exchange losses witnessed a massive growth of over Rs.2 billion, dragging down pre-tax profit growth to only 5% rise.

Luckily for the company, taxation declined by 41% while losses from discontinued operations remained nil, collectively causing the overall profit growth to increase.

HASCOL’s basic and diluted EPS stands at Rs.10.41 per share.

In addition to this, the company’s Board of Directors have recommended bonus shares in the proportion of one share for every four shares held (25%).

Profit and Loss Account for the nine months ended September 30th 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Sales - net	220,375,883	152,321,380	44.68%
Sales tax	(36,686,924)	(28,297,052)	29.65%
Net sales	183,688,959	124,024,328	48.11%
Other revenue	615,532	336,906	82.70%
Net revenue	184,304,491	124,361,234	48.20%
Cost of products sold	(176,091,584)	(119,919,075)	46.84%
Gross profit	8,212,907	4,442,159	84.89%
Operating expenses
Distribution and marketing expenses	(2,655,233)	(1,790,338)	48.31%
Administrative	(647,569)	(466,807)	38.72%
Other income	341,167	242,576	40.64%
Operating profit	5,251,272	2,427,590	116.32%
Finance cost	(782,616)	(388,817)	101.28%
Other expenses	-	(15,000)
Exchange loss - net	(2,517,381)	(165,839)	1417.97%
Profit before taxation	1,951,275	1,857,934	5.02%
Taxation	(444,186)	(762,140)	-41.72%
Profit from continued operations	1,507,089	1,095,794	37.53%
Profit from discontinued operations	-	(27,703)
Profit for the period	1,507,089	1,068,091	41.10%
Earnings per share - basic and diluted (Rupees)	10.41	8.49	22.61%

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