National Refinery descends into an abyss of losses

By MG News | April 11, 2019 at 12:10 PM GMT+05:00

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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

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