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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