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HomeEquityNational Refinery Ltd reports disappointing results despite huge tax relief

National Refinery Ltd reports disappointing results despite huge tax relief

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

 

 

Copyright Mettis Link News

Posted on: 2019-07-29T12:25:00+05:00

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