National Refinery posts Rs8.3bn loss in three months

MG News | September 02, 2024 at 10:08 AM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	165,596.07 264.75M	-0.54% -902.76
ALLSHR	100,017.71 623.24M	-0.46% -463.69
KSE30	49,464.92 86.97M	-0.60% -299.08
KMI30	238,952.40 97.00M	-0.58% -1388.16
KMIALLSHR	65,314.16 323.73M	-0.44% -285.47
BKTi	44,788.98 46.84M	-0.77% -347.65
OGTi	35,107.09 7.04M	-0.41% -145.22

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	79,165.00	81,895.00 78,675.00	-2455.00 -3.01%
BRENT CRUDE	109.47	109.75 106.26	3.75 3.55%
RICHARDS BAY COAL MONTHLY	110.00	0.00 0.00	-2.95 -2.61%
ROTTERDAM COAL MONTHLY	109.00	109.00 108.75	1.25 1.16%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	101.16	101.57 97.23	4.24 4.37%
SUGAR #11 WORLD	14.78	15.07 14.67	-0.21 -1.40%