National Refinery Ltd. profits fall 76.49 percent to Rs. 1.568 billion

National Refinery Limited (NRL) today announced financial results for the nine months period ending 31 March, 2018 reporting Net Sales worth Rs. 92.094 billion. Furthermore, the company’s gross profit during the outgoing nine months fell by 57 percent to reach 3.132 billion.

NRL releases on the exchange show a very dismal performance during the last nine months year ending March, 2017. Net Sales during the reported period only went up by 16.6 percent, with Cost of Sales increasing by more than 24 percent to reach 88 billion.

Despite a marked reduction in company’s Administrative Expenses, Distribution Costs, and Other Operating Expenses the company’s bottom-line profits fell by more than 76 percent during the period.

Other income also took a fall of more than 34 percent, coupled with the 875 percent jump in financing costs, the company reported an EPS of Rs. 19.62 vs. an EPS of Rs 83.46 during the nine months ending March, 2017. 

Comparison of Key Financials

Unconsolidated Profit and Loss Account – For the Nine Months Ended, March 30th 2018

Key Financials

March, 2018

March, 2017

% Change

 

Amounts in PKR ‘000

Gross Sales

126,351,770

109,869,509

15.00%

Trade Discounts, Taxes, Duties, Levies and Price Differential

34,257,447

31,113,455

10.10%

Net Sales

92,094,323

78,756,054

16.94%

Cost of Sales

88,782,044

71,472,748

24.22%

Gross Profit

3,132,279

7,283,306

-56.99%

Distribution Costs

550,055

563,959

-2.47%

Administrative Expenses

552,522

630,518

-12.37%

Other Income

387,605

590,828

-34.40%

Other Operating Expenses

92,153

458,651

-79.91%

Operating Profit

2,405,154

6,221,006

-61.34%

Finance Cost

1,070,724

109,784

875.30%

Profit/(Loss) before Taxation

1,334,430

6,111,222

-78.16%

Taxation

234,179

562,398

-58.36%

Profit/(Loss) after Taxation

1,568,609

6,673,620

-76.50%

Earnings/(Loss) per share – Basic and diluted

19.62

83.46

-76.49%

Company release on Earnings Report can be accessed here.

Posted on: 2018-04-16T12:20:00+05:00