National Refinery posts Rs8.3bn loss in three months

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

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	135,939.87 307.74M	-0.41% -562.67
ALLSHR	84,600.38 877.08M	-0.56% -479.52
KSE30	41,373.68 101.15M	-0.43% -178.94
KMI30	191,069.98 82.45M	-1.17% -2260.79
KMIALLSHR	55,738.07 422.01M	-1.03% -577.24
BKTi	38,489.75 45.79M	-0.02% -8.33
OGTi	27,788.15 6.87M	-1.24% -350.24

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	116,850.00	120,695.00 116,090.00	-3385.00 -2.82%
BRENT CRUDE	68.85	69.41 68.60	-0.36 -0.52%
RICHARDS BAY COAL MONTHLY	96.50	96.50 96.50	0.50 0.52%
ROTTERDAM COAL MONTHLY	104.50	104.50 104.25	-2.05 -1.92%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	66.72	67.13 66.22	-0.26 -0.39%
SUGAR #11 WORLD	16.56	16.61 16.25	0.26 1.60%