National Refinery’s blown up expenses land the company in losses: Quarterly Earnings

MG News | October 12, 2018 at 01:20 PM GMT+05:00

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October 12, 2018 (MLN): National Refinery Limited (NRL) has suffered a loss of Rs.1 billion during the first quarter of the current fiscal year, while during the corresponding period of previous year the company made Rs.1.7 billion in quarterly profits.

As per the financial earnings report issued to PSX, the losses were brought about due to a massive increase of Rs.14 billion or 51% in cost of sales which cancelled out the impact of improved net sales and resulted in a gross loss of Rs.521.4 million.

Apart from non-core expenses which dropped noticeably, the company met with an unfortunate fate since all other expenses including finance cost grew and non-core income tumbled down.

A tax provision of Rs.254.9 million provided some relief to NRL, but not enough to recover the inevitable losses made during the quarter.

Moreover, while NRL made Rs.21.26 per (basic and diluted) share during the prior year’s first quarter, it made losses of Rs.13.33 per share during the current quarter.

Profit and Loss Account for the quarter ended September 30th 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Gross sales	53,227,258	41,693,122	27.66%
Trade discounts, taxes, duties, levies and price differentials	(11,968,195)	(11,764,708)	1.73%
Net sales	41,259,063	29,928,414	37.86%
Cost of sales	(41,780,504)	(27,784,080)	50.38%
Gross profit/(loss)	(521,441)	2,144,334
Distribution cost	(190,553)	(191,365)	-0.42%
Administrative expenses	(227,412)	(209,956)	8.31%
Other income	90,359	131,811	-31.45%
Other operating expenses	(4,122)	(129,506)	-96.82%
Operating profit/(loss)	(853,169)	1,745,318
Finance cost	(467,937)	(31,777)	1372.57%
Profit/(loss) before taxation	(1,321,106)	1,713,541
Taxation	254,938	(13,224)
Profit/(loss) after taxation	(1,066,168)	1,700,317
Earnings per share - basic and diluted (rupees)	(13.33)	21.26

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