Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

Trending :

National Refinery descends into an abyss of losses

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

April 11, 2019 (MLN): National Refinery Limited (NRL) announced its financial earnings result for the nine months ended March 31, 2019 on Thursday, which shows that the company has incurred losses of Rs. 5.18 billion, as compared to profits of Rs. 1.5 billion earned in the same period last year.  

The reason for the unfortunate transition in net earnings was the increase in company’s production cost by 34%, which mitigated the impact of increase in net sales revenue and led to a negative gross profit margin.

Moreover, increase in the company’s financial costs and taxation costs by 162% and 499% respectively, added further fuel to the fire.

The company’s Loss per share for the period under review stood at Rs. 64.85, as compared to Earnings per share of Rs. 19.62 in the same period last year.

Profit and loss account for the nine months ended March 31 2019 (Rupees'000)

 

Mar-19

Mar-18

% Change

Gross sales

151,588,697

126,351,770

19.97%

Trade discounts, taxes, duties, levies and price differential

-34,841,903

-34,257,447

1.71%

Net revenue

116,746,794

92,094,323

26.77%

Cost of sales

-119,521,381

-88,782,044

34.62%

Gross (loss) / profit

-2,774,587

3,312,279

 

Distribution cost

-601,426

-550,055

9.34%

Administrative expenses

-642,758

-652,522

-1.50%

Other income

254,665

387,605

-34.30%

Other operating expenses

-11,033

-92,153

-88.03%

Operating (loss) /profit

-3,775,139

2,405,154

 

Finance cost

-2,813,230

-1,070,724

162.74%

(Loss) / profit before taxation

-6,588,369

1,334,430

 

Taxation

1,402,853

234,179

499.05%

(Loss)/ profit after taxation

-5,185,516

1,568,609

 

(Loss) / earnings per share – basic and diluted

-64.85

19.62

 

 

Copyright Mettis Link News

Posted on: 2019-04-11T12:10:00+05:00

27380