National Refinery Limited reports 78% drop in annual profits

MG News | August 15, 2018 at 09:52 AM GMT+05:00

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National Refinery Limited (NRL) discussed their financial earnings for the year ended June 30th 2018, in a Board of Directors meeting held on August 14th 2018.

According to the report issued to PSX, As compared to the year ended June 30th 2017, NRL's Gross Sales went up by 22% while Net sales increased by 27.5%.

However, since Cost of Sales increased by 36%, the Gross Profits came down by 61%.

Moreover, Operating Profits dropped by 68.5% while Finance Cost increased enormously by 867%

As a result, the overall profit for the year dropped by 78%.

Other than that, Earnings per share for the period dropped by 78% as well, recorded at Rs.22.14 per share for the period under review, as compared to Rs.100.61 recorded last year.

Profit and Loss Account for the Year Ended June 30th 2018 ('000 Rupees)
	Jun-18	Jun-17	% Change
Gross sales	184,216,252	150,625,769	22.30%
Trade discounts, taxes, duties, levies and price differentials	(47,231,312)	(43,178,325)	9.39%
Net sales	136,984,940	107,447,444	27.49%
Cost of sales	(133,172,931)	(97,647,936)	36.38%
Gross profit	3,812,009	9,799,508	-61.10%
Distribution cost	(756,507)	(734,788)	2.96%
Administrative expenses	(863,194)	(841,192)	2.62%
Other income	558,088	724,818	-23.00%
Other operating expenses	(77,453)	(450,649)	-82.81%
Operating Profits	2,672,943	8,497,697	-68.55%
Finance cost	(1,765,615)	(182,526)	867.32%
Profit before taxation	907,328	8,315,171	-89.09%
Taxation	863,356	(269,390)
Profit after taxation	1,770,684	8,045,781	-77.99%
Earnings per share - basic and diluted (rupees)	22.14	100.61	-77.99%

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