National Refinery posts Rs8.3bn loss in three months
MG News | September 02, 2024 at 10:08 AM GMT+05:00
September 02, 2024 (MLN): National Refinery Limited (PSX: NRL) incurred a loss after tax of Rs8.27 billion [LPS: Rs103.39] during the quarter ending June 2024, a stark contrast from a profit of Rs1.56bn [EPS: Rs19.52] in the same period last year (SPLY).
The company's sales revenue rose 8.2% to Rs72.26bn as compared to Rs66.78bn in SPLY.
However, the cost of sales also surged by 24.9%, translating to a gross loss of Rs4.6bn in Q2 2024.
The gross margins plummeted to -6.4% as compared to 7.9% in SPLY.
Moreover, other income fell 55.3% to stand at Rs107.27m in Q2 2024 as compared to Rs239.89m in SPLY.
On the expense side, the company's administrative expenses fell 2.7% YoY to Rs299.33m, selling and distribution expenses rose 122.8% YoY to Rs370.62m, and other operating expenses rose 1191.9% YoY to Rs74.49m.
The company’s finance cost rose 46.0% and stood at Rs3.26bn as compared to Rs2.24bn in SPLY, mainly due to higher interest rates.
On the tax front, the company received a tax credit of Rs234.58m against the tax expense worth Rs1.21bn paid in the corresponding period of last year.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 72,260,615 | 66,778,613 | 8.21% |
| Cost of sales | (76,860,601) | (61,532,328) | 24.91% |
| Gross Profit/ (loss) | (4,599,986) | 5,246,285 | - |
| Administrative Expenses | (299,332) | (307,469) | -2.65% |
| Selling And Distribution Expenses | (370,620) | (166,329) | 122.82% |
| Other Income | 107,265 | 239,893 | -55.29% |
| Other Operating Expenses | (74,488) | (5,766) | 1191.85% |
| Finance Cost | (3,264,877) | (2,236,687) | 45.97% |
| Profit/ (loss) before taxation | (8,502,038) | 2,769,927 | - |
| Taxation | 234,577 | (1,209,107) | - |
| Net profit/ (loss) for the period | (8,267,461) | 1,560,820 | - |
| Basic earnings/ (loss) per share | (103.39) | 19.52 | - |
Amount in thousand except for EPS
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