National Refinery Ltd. profits fall 59.09% to Rs. 1.623 billion
MG News | January 23, 2018 at 11:04 AM GMT+05:00
NRL stock saw its stock prices dwindle after it reported profits shrinking by 59.09% during the half year ending December 30, 2017. The company also reported losses during the last quarter of year 2017, with total loss clocking in at Rs. 77 million rupees.
NRL releases on the exchange show a very dismal performance during the last half year ending December, 2017. Net Sales during the reported period only went up by 16.6%, with Cost of Sales increasing by more than 22% the Gross Profit shrank by 47.2% to clock in at 2.481 billion.
Despite a marked reduction in company’s operating expenses the company could not even break even during the quarter. Other income also took a fall of more than 36%, coupled with the 670% jump in financing costs, the company reported an EPS of Rs. 20.30 vs. an EPS of Rs. 49.62 during half year ending December, 2016.
| Unconsolidated Profit and Loss Account - For the Half Year Ended, December 31th 2017 | |||
|---|---|---|---|
| Key Financials | 2017 | 2016 | % Change |
| Amounts in PKR ‘000 | |||
| Gross Sales | 84,909,730 | 74,076,094 | 14.63% |
| Trade Discounts/Taxes/Duties/Levies/P.D. | 23,879,281 | 21,736,177 | 9.86% |
| Net Sales | 61,030,449 | 52,339,917 | 16.60% |
| Cost of Sales | 58,548,820 | 47,630,230 | 22.92% |
| Gross Profit | 2,481,629 | 4,709,687 | -47.31% |
| Distribution Cost | 373,570 | 359,210 | 4.00% |
| Administrative Expenses | 432,156 | 412,579 | 4.75% |
| Other Income | 270,643 | 425,176 | -36.35% |
| Other Operating Expenses | 95,282 | 300,193 | -68.26% |
| Operating Profit | 1,851,264 | 4,062,881 | -54.43% |
| Finance Cost | 482,868 | 62,680 | 670.37% |
| Profit/(Loss) before Taxation | 1,368,396 | 4,000,201 | -65.79% |
| Taxation | 254,806 | 32,287 |
|
| Profit/(Loss) after Taxation | 1,623,202 | 3,967,914 | -59.09% |
| Earnings/(Loss) per share - Basic and diluted | 20.30 | 49.62 | -59.09% |
Company release on Earnings Report can be accessed here.
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