National Refinery Limited reports 78% drop in annual profits

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%