National Refinery Limited reports losses of Rs3.8 bln for 1HFY19

MG News | January 21, 2019 at 12:57 PM GMT+05:00

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January 21, 2019 (MLN): National Refinery Limited (NRL) has posted losses for the half-year ended December 31, 2018, at Rs. 3.8 billion, falling downright from the profits earned in corresponding period last year. The losses were attributed to ludicrous increase in cost of sales, as well as finance cost and taxation of the company.

While the company witnessed an increase in its net revenue by 29%, the increase in its cost of sales by 38% dragged the net gross earnings from positive to negative.

Moreover, increase in distribution and operating expenses by 10% and 2% respectively also contributed in the waned financial stability of the company.

The company reported its Loss per share for the said period at Rs. 48.24.

Profit and loss account for the six months ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Gross sales	99,627,322	84,909,730	17.33%
Trade discounts, taxes, duties, levies and price differential	-20,537,921	-23,879,281	-13.99%
Net revenue	79,089,401	61,030,449	29.59%
Cost of sales	-81,067,700	-58,548,820	38.46%
Gross (Loss)/ profit	-1,978,299	2,481,629
Distribution cost	-411,439	-373,570	10.14%
Administrative expenses	-443,555	-432,156	2.64%
Other income	165,817	270,643	-38.73%
Other operating expenses	-7,951	-95,282	-91.66%
Operating (Loss)/ profit	-2,675,427	1,851,264
Finance cost	-2,223,465	-482,868	360.47%
(Loss)/ profit before taxation	-4,898,892	1,368,396
Taxation	1,041,549	254,806	308.76%
(Loss) / profit after taxation	-3,857,343	1,623,202
(Loss)/earnings per share - basic and diluted	-48.24	20.30

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