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

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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Posted on: 2019-01-21T12:57:00+05:00

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