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

MG News | January 23, 2018 at 11:04 AM GMT+05:00

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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 31^th 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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