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

News Image

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

0:00

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

 

 

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 132,576.99
161.03M
-0.62%
-826.20
ALLSHR 82,983.68
903.36M
-0.25%
-204.38
KSE30 40,358.80
56.86M
-0.72%
-292.66
KMI30 190,727.32
67.92M
-0.71%
-1356.60
KMIALLSHR 55,698.48
457.08M
-0.27%
-149.22
BKTi 36,242.06
11.15M
-0.50%
-180.82
OGTi 28,323.42
10.71M
-0.40%
-114.19
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 111,765.00 111,920.00
111,425.00
-480.00
-0.43%
BRENT CRUDE 70.18 70.71
69.61
0.03
0.04%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.45
1.51%
ROTTERDAM COAL MONTHLY 108.00 109.00
107.95
0.90
0.84%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.26 68.31
68.20
-0.12
-0.18%
SUGAR #11 WORLD 16.54 16.61
16.08
0.41
2.54%

Chart of the Day


Latest News
July 09, 2025 at 11:58 PM GMT+05:00

Auction Result: Govt raises Rs1.5tr through T-bills


July 09, 2025 at 05:27 PM GMT+05:00

Gold price in Pakistan falls Rs3,000 per tola


July 09, 2025 at 05:26 PM GMT+05:00

UBL crowned top performing Primary Dealer in FY25


July 09, 2025 at 05:11 PM GMT+05:00

SECP approves name change for Secure Logistics



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg