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