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