National Refinery Ltd. profits fall 59.09% to Rs. 1.623 billion

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.  

Comparison of Key Financials

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.

Posted on: 2018-01-23T11:04:00+05:00