National Refinery Ltd reports disappointing results despite huge tax relief

MG News | July 29, 2019 at 12:25 PM GMT+05:00

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July 29, 2019 (MLN): National Refinery Limited (NRL) has incurred losses of Rs. 8.6 billion for the year ended June 30, 2019, as compared to profits of Rs. 1.7 billion reported last year.

The Loss per share (LPS) of the company stood at Rs. 108.7 as compared to Earnings per share (EPS) of Rs. 22.14 last year.

These losses can be attributed to 24.17% increase in cost of sales, which resulted in a negative Gross Profit figure.

Furthermore, the company’s finance costs jumped by 199% on account of rise in interest rates on borrowings.

However, the presence of tax relief amounting to Rs. 2.3 billion provided some respite to the company’s financial health.

Profit and loss account for the year ended June 30, 2019 (Rupees'000)
	June 30, 2019	June 30, 2018	% Change
Revenue from contracts with customers	209,417,257	184,216,252	13.68%
Trade discounts, taxes, duties, levies and price differential	-48,511,060	-47,231,312	2.71%
Net revenue from contracts with customers	160,906,197	136,984,940	17.46%
Cost of sales	-165,355,337	-133,172,931	24.17%
Gross (loss) / profit	-4,449,140	3,812,009
Distribution cost	-814,479	-756,507	7.66%
Administrative expenses	-831,564	-863,194	-3.66%
Other income	369,511	558,088	-33.79%
Other operating expenses	-17,590	-77,453	-77.29%
Operating (loss) / profit	-5,743,262	2,672,943
Finance cost	-5,285,749	-1,765,615	199.37%
(Loss) / profit before taxation	-11,029,011	907,328
Taxation	2,336,584	863,356	170.64%
(Loss) / profit after taxation	-8,692,427	1,770,684
(Loss) / earnings per share - basic and diluted	-108.70	22.14

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